For Equity’s Mwangi and teachers, love is blind
After four years of whirlwind moves by top executives of troubled Spire Bank and its parent Mwalimu Sacco looking for a suitor, teachers who constitute majority savers in the microlender can now breathe a sigh of relief following its acquisition by Equity Bank. All through Spire Bank had been bleeding money and putting the top leadership of giant Mwalimu Sacco at loggerheads with its members who wanted out of their marriage with the cash-strapped subsidiary. Equally, the banking industry regulator Central Bank of Kenya and well as Parliament heaped pressure on the microlender bosses demanding answers on the viability of the business. In what Dr…
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