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Equity Group Reviewing African Fintech Unit as Executives Quit

  • Kenyan lender is considering making Finserve a division again
  • Top executive Karobia leaves Finserve to join Airtel Uganda

Equity Group Holdings Plc is weighing whether to keep its financial-technology unit as a separate business after a top executive quit, adding to the loss of Finserve Africa Ltd.’s head less than a month earlier, according to people familiar with the matter.

Kenya’s biggest bank by market capitalization is considering running Finserve as a division, less than a year after launching it as an independent subsidiary, the people said, asking not to be identified because the details aren’t public. The review, which may include other options, also comes as it looks increasingly unlikely that Finserve will meet a target of generating $22 million of revenue in its first year, they said.