Raymond Mbilinyi reflects on a decade of service at Equity Bank Tanzania

When Engineer Raymond Mbilinyi joined the board of Equity Bank Tanzania in 2015, the institution was a relatively new entrant in the country’s financial services sector—just three years into operations and still classified as a Tier II bank. Today, as he concludes his decade-long tenure as Board Chair, Equity stands tall, having recorded a remarkable transformation in profitability, outreach, and impact.

In an exclusive sit-down with The Citizen, Mbilinyi offers a rare behind-the-scenes look into the bank’s journey—charting its evolution from a fledgling operation into one of Tanzania’s most dynamic financial institutions, with bold aspirations to break into the top banks in the market.

“It has been a long journey,” Mbilinyi reflects. “The banking industry here is evolving—there are over 54 registered financial institutions. When you’re new, the challenge is understanding the market, introducing yourself to customers, and building trust.”

Despite the competitive landscape, Equity had one advantage: its reputation. Well-established in in East Africa five African countries, the bank brought with it a powerful regional brand and a mission to transform livelihoods through inclusive financial services—especially for micro, small, and medium-sized enterprises (MSMEs).

“The culture of Equity is centered on service to giving access to finance to business especially MSMEs,” he says. “Its vision is to transform lives, and that has shaped every pillar of growth.”

The turnaround years

While the bank made steady progress in its early years, the most significant shifts occurred in the last four years. It was during this period that the board—under Mbilinyi’s leadership—made deliberate moves to restructure internal systems, strengthen governance, and realign with Equity Group’s broader strategy.

“Transformation began when we realized we needed the right people, the right board dynamics, and the right business model,” he says. “Once we had that, we could accelerate.”

The results speak for themselves. In 2024, Equity Bank Tanzania reported a staggering 172 percent increase in pre-tax profits and successfully transitioned to growth and expansion phase of the bank.

“We had to bite the bullet,” Mbilinyi admits. “Some of the big clients were not good for the bank. We faced them head-on—took them to court if necessary—and shifted our focus back to SMEs. That helped grow the loan book and improve repayment rates.”

Digitizing growth, expanding access

As the banking landscape becomes increasingly digital, Equity has embraced technology as a lever for scale and efficiency.

“Young people today are tech-savvy. If you want to reach them, you must go digital,” Mbilinyi says. “That’s why we’re investing in mobile apps and digital platforms. It’s the most effective way to serve clients—even in areas without branches.”

While physical branches remain important for market presence, Mbilinyi acknowledges that future growth will be driven by platforms that can deliver credit, payments, and financial literacy at scale.

Still, he believes there is room to expand Equity’s brick-and-mortar footprint to underserved areas.

Aligning with national priorities

A key part of Equity’s strategy has been aligning its operations with Tanzania’s development agenda. From infrastructure to agriculture and cross-border trade, the bank has positioned itself to support the government’s priorities.

“We study documents like Vision 2050 and the national budget to identify priority sectors,” Mbilinyi explains. “For instance, in infrastructure, we support contractors with financial instruments to undertake the projects efficiently. In agriculture, we work with the crops and livestock ecosystem by offering tailored solutions.”

This approach mirrors Equity Group’s Africa Recovery and Resilience Plan (ARRP), which focuses on six pillars—among them agriculture, MSMEs, and Trade and Investment.

“With Tanzania surrounded by eight countries, cross-border trade is a strategic advantage,” he notes. “And agriculture remains the backbone of our economy and gate way to the neighboring countries, so we are actively involved in that space.”

From public service to private leadership

Mbilinyi’s leadership at Equity has been shaped by a rich career spanning both public and private sectors. Formerly Executive Director at the Tanzania Investment Centre (TIC) and head of the Tanzania National Business Council (TNBC), he’s also worked in the oil sector with BP.

“All these roles helped me understand how to bridge public-private interests,” he says. “At TIC, we attracted investors. At TNBC, we fostered dialogue between business and government. That experience gave me perspective when I joined Equity’s board.”

It also enabled him to navigate regulatory dynamics, a crucial aspect of banking leadership. He commends the Bank of Tanzania (BoT) for its evolving regulatory framework that continue to strengthen the banking sector and flourish the economy.

Looking ahead

As he steps away from the boardroom, Mbilinyi is optimistic about Equity’s trajectory.

“With the current Management team, Board, and Equity Group strategic intent to Tanzania, I see Equity Tanzania becoming one of the top banks in the market,” he says confidently.

His advice to his successor? Maintain strong board dynamics, keep close ties with regulators, and ensure that staff are motivated and empowered.

“There’s still so much room for growth,” he says. “The trajectory of our economic growth is steady. That’s the opportunity.”