The managing director of the digital finance subsidiary of Equity Group Finserve Africa-Jack Ngare has laid off the lender for Microsoft, the worldwide tech giant.
While insiders have already verified Mr. Ngare’s imminent exit from the fintech arm of the group, Microsoft confirmed Ngare’s appointment as the new managing director for its newly launched Africa Development Center (ADC) on Tuesday.
“We’ve aggressively added to our engineering team and it’s great to have Jack in this talented group,” said Mike Fortin, Corporate Vice President and ADC project leader of Microsoft.
The exit of Ngare follows the departure of Managing Director Polycarp Igathe of the bank, who joins his former employer Vivo Energy.
Mr. Ngare oversaw the launch of Finserve Africa, the disruption of traditional banking and the subsequent launch of fresh innovative products including Equitel, Mkey and the Jenga Payment Gateway during his stay at Equity Bank.
Currently, innovative products based on application programming interfaces (APIs) have opened equity banking platforms to more than 2000 small and medium-sized businesses.
Mr. Ngare was a main’ techie’ at the bank with his exit aggravating the gigantic lender’s loss of talent.
In addition to his basic computer science degree from Leicester University, he holds a master’s degree in sophisticated computer science from Harvard University.