NAIROBI May 24 Kenya's Equity Bank Group has closed more than half of its branches in war-ravaged South Sudan because of a mix of hyperinflation, a battered local currency and an economic slowdown, its chief executive officer said.James Mwangi, Equity's chief executive, told a shareholder meeting the bank had closed seven of its 12 branches in South Sudan, which has one of sub-Saharan Africa's lowest banking penetration rates."Because of uncertainty, and because of a lack of peace, we have been forced to reduce those branches," Mwangi told investors on Tuesday and later posted online. "I think we now have five." Equity follows another Kenyan bank, KCB Group, which earlier this month said it was temporarily closing some branches because of the tough operating environment and economic conditions.South Sudan's three-year civil war has sharply reduced oil output, the main source of foreign exchange, causing the pound to plunge in value and inflation to soar to above 800 percent last year. "Last year, that devaluation caused us to write off a loss of 6 billion Kenyan shillings ($58.14 million). It is not performance; it is what you could call an economic meltdown." The conflict erupted when President Salva Kiir fired his deputy, Riek Machar. The violence, fanned by ethnic rivalries, has sparked Africa's worst refugee crisis since the 1994 Rwandan genocide and plunged part of the country into famine.Even so, Mwangi ruled out a complete exit from the country."It's like hibernation - let's retain the licence until peace returns."Mwangi said an exodus of foreign workers, especially Kenyans and Ugandans, had also hurt business. ($1 = 103.2000 Kenyan shillings) (Reporting by George Obulutsa; editing by Richard Lough)
Newer articles:
- Last Japanese peacekeepers pull out of South Sudan - 25/05/2017 10:35
- UN envoy: South Sudan seeing military action as rains arrive - 24/05/2017 17:34
- South Sudan: ‘Fighting must stop now’ so millions can be spared from famine, say UN agency chiefs - 24/05/2017 17:05
- South Sudan wildlife surviving civil war, but poaching and trafficking threats increase - 24/05/2017 14:48
- U.S., Britain, UN wary of South Sudan ceasefire announcement - 24/05/2017 13:13
Older news items
- South Sudan State Partially Closes Border in Ebola Scare - 23/05/2017 16:55
- South Sudan rebels reject President Kiir's dialogue offer as conflict rages on - 23/05/2017 09:28
- New WFP leader calls South Sudan's famine 'deplorable' - 23/05/2017 05:50
- Toronto's South Sudanese community rallies as famine worsens - 22/05/2017 14:30
- 'All I saw was helplessness, desperation and starvation': Winnipeg man's account of South Sudan refugee camp - 22/05/2017 14:20
Latest news items (all categories):
- Why Kenya-South Sudan trade corridor remains unfinished despite years of promises - 28/08/2026 12:44
- UN says floods displace 168 families, damage 271 homes in southern Sudan - 28/08/2026 12:41
- Pace, space, and shooting: How South Sudan edged hard-fighting Guinea - 28/08/2026 12:36
- South Sudan Nexus Digest Issue #2 | June - July 2026 - 28/08/2026 12:35
- مجلس الأمن يدين هجوماً على بعثة حفظ السلام في جنوب السودان - 28/08/2026 12:32
Random articles (all categories):
- Cold Stats: South Africa records 207 child marriages in one year, with 188 kids taken as brides - 08/08/2023 02:23
- This land of milk and honey is ours - 05/05/2016 00:18
- South Sudan Needs Creative Leadership For Eradication Of Poverty - 06/04/2026 14:36
- Heavy Gunfire Outside South Sudan President's Compound - 08/07/2016 10:50
- Juba Hotels demand $10m pay from S. Sudan's unity government - 06/01/2021 13:01
Popular articles:
- Who is the darkest person in the world, according to Guinness World Record? - 25/10/2022 02:34 - Read 148931 times
- School exam results in South Sudan show decline - 01/04/2012 17:58 - Read 28007 times
- Top 10 weakest currency exchange rates in Africa in 2023 - 19/07/2023 00:24 - Read 25087 times
- No oil in troubled waters - 25/03/2014 15:02 - Read 24396 times
- NDSU student from South Sudan receives scholarship - In-Forum - 29/09/2012 01:44 - Read 22343 times
