Managing Director Equity Kenya Moses Nyabanda (Left) enjoys a cake with Makueni Governor Mutula Kilonzo Junior (Right) to mark the official opening of a new branch in Wote town. Photo Andrew Mbuva 
By Andrew Mbuva
Makueni Governor Mutula Kilonzo Junior has raised a red flag over the growing menace of predatory lenders, commonly known as shylocks, whom he blames for fueling a mental health crisis and contributing to rising suicide rates across the county and the country at large.
Speaking during the official opening of Equity Bank’s modern branch at Mbau Junction in Wote town, Governor Mutula did not mince his words as he condemned the unregulated financial practices that have left many small traders, boda boda riders, and low-income earners trapped in debt cycles.
“I was informed that there are people walking around Wote with money in their pockets giving loans to traders. These shylocks charge extremely high interest rates, and I believe many suicides we are seeing in Makueni and across Kenya are linked to this,” he said.
Governor Mutula called for a serious policy review and national conversation on interest rates, especially for loans extended to economically vulnerable groups.
“The contradiction in Kenya is that the rich and the poor borrow money at the same interest rates. How do we expect to uplift the majority at the bottom of the pyramid when they carry the same financial burden as the wealthy? We must initiate a national dialogue — not a political one — but a genuine, people-centered discussion on fair lending,” he emphasized.
The Governor also took issue with the lack of land title deeds in urban investment hotspots such as Mbau Junction, where the new Equity branch now stands, calling it a contradiction that continues to hinder economic empowerment.
In response, Equity Bank Kenya Managing Director Moses Nyabanda reaffirmed the institution’s commitment to inclusive financial services, highlighting the bank’s growing footprint in Makueni County since it first set up shop in Wote in 2007.
The newly opened branch, he said, is part of the bank’s mission to bring financial services closer to the people and deepen development partnerships across sectors like agriculture, education, health, and climate change.
“We are not just a bank — we are a development partner. Our aim is to walk with you, educate you financially, connect farmers to markets, and support youth and women to access credit in ways that transform lives,” Nyabanda said.
Governor Mutula challenged Equity Bank to go further, particularly in designing loan products that are accessible to youth and boda boda riders, whom he described as easy prey for unscrupulous lenders.
“We want to partner with Equity Bank so that the County can stand as a guarantor for our youth seeking to start businesses. Many of them give up when faced with endless questions at the bank. This is the key to unlocking the 30 percent procurement opportunities we’ve reserved for youth and women,” he said.
He also raised concerns over how some motorbike dealers conspire with criminals to rob riders after they have completed their costly loan repayments — often double the value of the motorbike due to exploitative financing.
“If people can buy cars on hire purchase and get vehicle trackers, why can’t the same be done for boda bodas?” he asked, urging Equity to offer safer, affordable options for the riders.
In addition to financial inclusion, Equity Bank's MD outlined a broader development vision for Makueni. This includes scaling up the Wings to Fly scholarship program, promoting value addition for crops such as mangoes, coffee, and cotton, and rolling out more Equity Afya clinics for accessible healthcare.
The bank is also actively engaging in climate resilience efforts, having already distributed over 3 million trees and supported water access through borehole projects.
The event was attended by local leaders, Equity staff, farmers, businesspeople, and youth groups, all hopeful that the new branch signals the dawn of a more inclusive financial ecosystem in Makueni.
