Banking & Finance
Narendra Raval: Kenya’s Steel and Cement Tycoon
Devki is betting big on green cement, aviation, steel exports, and mining as Kenya eyes a manufacturing-led future. At the center is Narendra Raval—a paradoxical figure: a monk-turned-mogul, tycoon on a motorbike, and philanthropist with political clout. He is Kenya’s industrial whisperer, wielding steel, shaping policy, and giving back.
From temple priest to industrial titan, Narendra Raval built Devki Group into East Africa’s steel and cement powerhouse with political clout and vision.
From Temple Acolyte to Steel Billionaire with Political Clout
Born in 1962 in Mathak, a dusty village in Gujarat, India, Dr. Narendra Raval’s journey to the summit of East Africa’s industrial scene is nothing short of cinematic. Today, he stands as the Executive Chairman of the Devki Group of Companies—East and Central Africa’s largest manufacturer of steel and cement products, with subsidiaries in Kenya, Uganda, and the DRC, employing over 11,000 people.
Yet, Raval didn’t begin with blueprints and capital. At age 11, he joined a Swaminarayan temple as a junior priest. That spiritual path took him to Kenya as a teenager, landing him in Kisumu, where he served in another temple overlooking Lake Victoria.
But his fate took a decisive turn when, at 22, he fell in love with a young medical doctor from Thika—Neeta. Marriage meant the end of his priesthood. “Once you get married, you are not allowed to serve in the temple,” he recalled in a 2015 Forbes interview.
Entrepreneurial Fire Forged in Gikomba
Now secular and without formal qualifications, Raval took a job at a small steel mill in Nairobi. When it folded in 1990, he and Neeta used their modest savings to open a tiny hardware stall in downtown Gikomba.
In just two years, he established a small steel rolling mill in Athi River—fueled by a loan from a local bank and a vision to break Kenya’s monopolized, high-priced steel market.
“I saw an opportunity to manufacture moderately priced building materials,” he told Forbes. “The bank believed in the idea.”
That bold move birthed Devki Group, which today owns:
- Devki Steel Mills Limited
- National Cement Company (Kenya & Uganda)
- Maisha Mabati Mills
- Northwood Aviation Ltd
Key installations include a clinker plant in Simba town (Kajiado), cement grinding plants in Lukenya (Machakos), and steel factories in Athi River, Ruiru, and Mariakani. In 2017, Raval committed KSh6 billion to build two cement factories in Mariakani and Rongai, each with a capacity of 750,000 tonnes annually.
By slashing cement prices from KSh700 to KSh550 per 50kg bag, Raval says, “Our goal was to reduce the cost of housing.”
From Grit to Greatness: A Continental Force
The Group’s annual turnover is estimated at over $600 million, with Simba Cement now the top-selling brand in Kenya. Raval was ranked by Forbes in 2015 as the 46th richest person in Africa, with a net worth of $500 million (KSh 78.9 billion)—making him Kenya’s second wealthiest individual at the time.
He is now a naturalized Kenyan and proud of it: “Kenya is my home, my future, and my duty.”
An Industrialist With Political Clout
Dr. Raval’s close ties with the political elite—especially President William Ruto—have drawn admiration and scrutiny alike. In 2023, Ruto personally launched Devki’s KSh11 billion Iron Ore Pelletization Plant in Taita-Taveta, the first in East and Central Africa.
He’s accompanied Ruto on state visits and regularly appears in industrial policy discussions.
Critics cite his proximity to power as bordering on state capture, pointing to tax incentives and policy favoritism. But supporters argue he’s a key driver of Kenya’s economic independence.
“Without manufacturing, there is no economic freedom,” Raval often says.
Controversies and Corporate Advantage
Raval has largely kept a low public profile. But in 2021, when National Cement won a government tender for public housing, industry players alleged a lack of transparency. No formal allegations have ever been proven, but whispers of preferential treatment persist—particularly on land acquisition and regulatory speed.
Still, his philanthropy has kept him in the public’s good books.
The Humble Billionaire
Despite his billions, Raval lives modestly. He owns just one pair of shoes (worth KSh6,000), avoids ATMs and credit cards, and uses a basic mobile phone.
“I don’t carry a wallet,” he once said. “I have four suits and six ties—that’s enough for business.”
Often seen hopping onto boda-bodas in Nairobi traffic, he has become a symbol of humility for many Kenyans.
His autobiography, “Guru: A Long Walk to Success”, has raised over KSh100 million for charity, with every shilling accounted for.
Philanthropy with Purpose
Dr. Raval supports orphanages, government schools, and medical camps. In 2020, during the peak of the Covid-19 pandemic, Devki halted steel production and donated oxygen worth KSh100 million to public hospitals in Nairobi, Mombasa, Ruiru, and Athi River.
He’s been honoured with numerous awards, including:
- Elder of the Order of the Burning Spear (EBS) – Government of Kenya, 2009
- Melvin Jones Fellowship Award – Lions Club Nakuru, 2012
- British Government Recognition Award – For supporting widows, 2012
- Pride of India Award – Feelings Multimedia, India, 2016
- Doctorate of Divinity – Champions Covenant Church, USA, 2007
- Guru of Entrepreneurs Award – Lions Club International, Mumbai, 2015
Family, Faith, and the Future
Married to Dr. Neeta Raval, they have two sons and a daughter—and are now proud grandparents.
“The beauty of marriage,” he says, “is that whatever problems I have, I always know they will be shared and halved.”
He sees God in every person, a worldview that informs his philanthropy. He has pledged to give 50% of his wealth to charity, with the remaining half going to his children.
He’s also instilling his values in his family. “I teach my children and grandchildren the value of money, not just how to earn it.”
The Devki Doctrine: Future-Facing Industrialism
Looking ahead, Devki is betting big on green cement, steel exports, aviation, and mining, aligning with the government’s target of raising manufacturing’s contribution to GDP to 20% by 2030.
In Narendra Raval, Kenya has not just an industrialist, but a paradoxical icon—a former monk turned mogul, a billionaire who rides motorbikes, and a political insider who donates oxygen and shoes.
He is, undeniably, Kenya’s industrial whisperer—with steel in his hands and charity in his heart.
Banking & Finance
Equity Group Expands Into Southern Africa as It Bets on Africa’s Trade Corridors
FY2025 results show more than half of Equity’s profits now come from regional subsidiaries.
Equity Group targets Angola, Zambia and Mozambique as it expands along Africa’s mineral corridors and deepens regional banking scale.
🧠 Executive Intelligence Overview
As a result of its strong FY2025 performance, Equity Group Holdings is accelerating a major expansion into Southern Africa. The lender is now targeting Angola, Zambia, and Mozambique in a strategic shift that reflects Africa’s evolving trade and mineral corridor economy.
Chief Executive James Mwangi confirmed in a Reuters interview on April 29, 2026, that the group is actively pursuing acquisition opportunities rather than greenfield market entry. This approach signals a deliberate pivot toward established financial institutions in structurally different markets.
Meanwhile, Equity’s strategy is increasingly shaped by Africa’s infrastructure-driven growth corridors, particularly the US-backed Lobito Corridor linking Angola, Zambia, and the Democratic Republic of Congo.
According to the World Bank, African financial systems are becoming more deeply integrated with trade logistics and commodity supply chains, which is reshaping cross-border banking expansion strategies.
🏛️ 1. From Rural Origins to Continental Banking Power
The institution’s current trajectory is anchored in a transformation that began 35 years ago, when Equity operated as a rural building society in central Kenya.
Since then, the lender has evolved into Kenya’s most profitable bank and one of Africa’s fastest-expanding financial groups. This transformation reflects a broader structural shift in African banking, where domestic institutions are increasingly becoming regional platforms.
📊 2. FY2025 Performance Underpins Expansion
Equity’s expansion push is strongly supported by its FY2025 financial results.
- Profit after tax: KSh 75.50 billion (~USD 582 million)
- Annual growth: 55%
- Regional subsidiaries contribution: 51% of total banking profit before tax
This performance highlights a structural shift in earnings away from Kenya toward regional subsidiaries.
In addition, the International Monetary Fund notes that African banks with diversified regional exposure tend to demonstrate stronger resilience during domestic economic cycles, particularly in volatile macroeconomic environments.
🌍 3. DRC Remains the Core Profit Engine
The Democratic Republic of Congo continues to play a central role in Equity’s regional strategy.
The lender is currently the second-largest bank in the country, following acquisitions completed in 2015 and 2020. These transactions helped establish a strong market position in one of Africa’s most underbanked but resource-rich economies.
As a result, the DRC has become Equity’s most important regional earnings hub outside Kenya.
FY2025 performance reflects this dominance:
- Profit: KSh 24.70 billion (~USD 190 million)
- Growth: 58% year-on-year
- Estimated market share: ~24%
Moreover, the World Bank continues to classify the DRC as a frontier financial market with significant long-term inclusion potential despite elevated operational risks.
🚢 4. Lobito Corridor: The Structural Growth Logic
Equity’s expansion strategy is increasingly aligned with the Lobito Corridor, a strategic infrastructure route supported by the United States.
This corridor connects:
- Angola (Atlantic export gateway)
- Zambia (copper belt and mineral transit hub)
- DRC (resource extraction base)
Consequently, banking expansion is no longer being driven by national boundaries but by trade flow systems.
Mwangi emphasized in the Reuters interview that expansion decisions are now guided by customers and trade routes rather than geography alone.
This reflects a broader trend identified by the International Finance Corporation, which highlights the growing importance of infrastructure-linked financial ecosystems in emerging markets.
🇦🇴 🇿🇲 🇲🇿 5. Southern Africa Expansion Targets
Equity is actively pursuing acquisition-led entry into three key Southern African markets.
📍 Angola
Angola represents the most advanced target market. The country serves as a strategic Atlantic export gateway for minerals and energy resources.
📍 Zambia
Zambia plays a critical connector role between the DRC and Mozambique, particularly in copper and mineral logistics.
📍 Mozambique
Mozambique provides access to Indian Ocean trade routes and is expected to become Equity’s sixth non-Kenyan subsidiary.
In addition, Mwangi confirmed ongoing high-level engagement with Mozambique’s leadership, reinforcing the strategic importance of the market.
⚖️ 6. Regulatory and Structural Constraints
Despite strong expansion momentum, regulatory differences across African markets continue to shape entry strategy.
Earlier efforts in Ethiopia were slowed by foreign ownership restrictions limiting stakes in local banks, prompting a strategic shift toward Southern Africa.
As a result, Equity has prioritized markets with clearer acquisition pathways and more flexible regulatory environments.
The Bank for International Settlements notes that regulatory fragmentation remains one of the most significant constraints on cross-border banking expansion in emerging economies.
📡 7. Acquisition-Led Growth Strategy
Unlike traditional expansion models, Equity is increasingly favouring acquisitions over greenfield entry.
This strategy is driven by three operational realities:
- Language and cultural differences in new markets
- High cost of establishing new banking infrastructure
- Need for immediate market scale and deposits
As Mwangi explained, acquiring established institutions allows Equity to scale faster while transforming existing operations into regional platforms.
🌍 8. Competitive Landscape Across Africa
Equity’s expansion is unfolding within a highly competitive African banking environment.
Key competitors include:
- Ecobank (pan-African network)
- UBA (United Bank for Africa)
- State-linked financial institutions
- Regional banks expanding cross-border
The World Bank highlights that Africa’s banking sector remains fragmented, with low credit penetration but increasing exposure to sovereign debt across multiple jurisdictions.
⚠️ 9. Risk Environment
While growth prospects remain strong, Equity’s expansion is exposed to structural risks.
These include:
- Currency volatility across Southern Africa
- Regulatory fragmentation between jurisdictions
- Commodity price sensitivity in mining economies
- Macroeconomic instability and political transitions
Nevertheless, the long-term opportunity remains anchored in Africa’s demographic growth, infrastructure investment, and commodity cycles.
🌐 Conclusion: A Shift to Corridor Banking
Equity Group’s Southern Africa expansion reflects a deeper transformation in African finance.
The banking model is evolving from:
- Country-based expansion
➡️ to - Corridor-based financial ecosystems
In this new structure, banks are increasingly aligning with trade routes, commodity flows, and infrastructure networks rather than national boundaries.
Ultimately, Equity is positioning itself not simply as a regional lender, but as a financial institution embedded within Africa’s evolving economic geography.
Commercial Banking
Inside the DRC Banking Rush: Who Is Entering First
Digital banking is enabling faster, lower-cost entry into fragmented financial environments.
Regional banks are racing into the DRC as Equity, KCB, CRDB and others compete for Africa’s fastest-growing banking frontier.
🧠 Inside the DRC Banking Rush: Who Is Entering First
Unlike earlier phases of African banking growth, which focused on domestic consolidation, the current cycle is defined by cross-border competition for underbanked populations and resource-driven economies.
According to the World Bank, the DRC remains one of the least financially included large economies in the world, with banking penetration still below 20% in many estimates. This structural gap is now attracting regional lenders seeking long-term growth.
At the same time, the International Monetary Fund has identified the country as a frontier economy where financial deepening could significantly accelerate formal economic activity.
👉 The result is a competitive entry race—where timing is now a strategic advantage.
🏦 1. The First Movers: East Africa’s Banking Giants
The earliest and most aggressive entrants into the DRC banking landscape include:
- Equity Group Holdings
- KCB Group
- CRDB Bank
- Bank of Kigali
These institutions are not simply opening branches—they are building regional banking ecosystems that integrate retail, SME, and trade finance services across borders.
For example, Equity Group Holdings has positioned the DRC as a strategic growth pillar within its pan-African model, reflecting a shift from national banking to continental banking platforms.
KCB Group has similarly expanded its regional footprint through subsidiaries and partnerships, leveraging cross-border integration to capture trade flows between East and Central Africa.
👉 These early movers are shaping the competitive structure of the market.
💰 2. Why Early Entry Matters
Early entrants typically benefit from:
- First access to corporate clients
- Stronger brand recognition
- Early deposit base accumulation
- Relationship dominance in SME lending
The International Finance Corporation has consistently emphasized that financial institutions entering underserved markets early tend to establish long-term structural advantages, particularly in environments with low competition density.
👉 In the DRC, being first often means shaping the rules of engagement.
📡 3. Digital First Entry: The New Banking Model
Unlike traditional banking expansion, entry into the DRC is increasingly driven by digital infrastructure rather than physical branches.
Banks are deploying:
- Mobile banking platforms
- Agent banking networks
- Integrated fintech partnerships
This approach reduces operational costs while expanding reach into rural and semi-urban populations.
Institutions such as Equity Group Holdings are leveraging digital ecosystems to scale rapidly across fragmented infrastructure environments.
This aligns with insights from the World Bank, which highlights digital financial services as a critical driver of inclusion in low-infrastructure economies.
👉 Digital entry is now the default expansion strategy.
⛏️ 4. Resource-Linked Banking: The Corporate Entry Layer
Beyond retail banking, corporate banking tied to the DRC’s resource sector is a major entry driver.
The country’s vast reserves of copper, cobalt, and gold create high-value financing opportunities for banks in:
- Trade finance
- Commodity-backed lending
- Mining sector project finance
The International Monetary Fund has repeatedly identified the DRC’s resource sector as a key macroeconomic stabiliser and long-term growth driver.
👉 This makes the DRC not just a retail banking opportunity—but a corporate finance frontier.
⚖️ 5. Competition Structure: A Regional Contest
The DRC banking market is now shaped by regional competition rather than isolated expansion.
Key competitive blocs include:
- Kenyan banking groups
- Tanzanian financial institutions
- Rwandan regional banks
Each is targeting overlapping segments:
- Retail deposits
- SME credit
- Trade finance corridors
At the same time, informal financial systems remain dominant in many regions, meaning formal banks must compete against deeply entrenched cash economies.
📉 6. Risk Environment: Why Entry Is Not Simple
Despite strong opportunity, the DRC remains structurally complex.
Key challenges include:
- Currency volatility and dollarisation
- Weak credit information systems
- Infrastructure gaps in financial services
- Regulatory fragmentation
The Bank for International Settlements notes that frontier markets with fragmented regulation and high volatility tend to experience amplified operational risk during rapid financial expansion cycles.
👉 This makes execution capacity as important as market entry.
🌍 7. The Bigger Picture: Why This Matters Regionally
The DRC banking rush is not an isolated event—it is part of a broader East and Central African financial integration process.
It connects directly to:
- Cross-border banking expansion
- Regional trade corridor financing
- Fintech-enabled financial inclusion
- Currency and liquidity interdependence
👉 The DRC is becoming the central node in regional banking integration.
🚀 Conclusion: A Market Defined by First Movers
The DRC banking rush is not about who enters eventually—it is about who establishes dominance early.
First movers are not just entering a market—they are shaping:
- Customer acquisition patterns
- Financial infrastructure
- Competitive pricing structures
- Regional capital flows
As the World Bank and International Monetary Fund both emphasize in different ways, financial deepening in frontier economies is a long-cycle transformation.
👉 In the DRC, that transformation is already underway—and the entry race has begun.
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