Vice chairman David Ansell is set to take over in acting capacity.
In a statement issued by the Group, Dr. Munga expressed his desire to retire from the Board to mark his 35 years of service as he celebrates his 75 birthday.
Board members said they appreciate his long service, wisdom and leadership style which allowed them to discuss matters openly and candidly in an environment of trust.
They further added that he had created an environment and strong governance structure with the ability to attract talent both at the Board level and at the executive level.
“He retires at a time when Equity Group is a market leader at its peak, having set a trend of winning national, regional and global awards and accolades," reads part of the statement.
Dr. Munga has seen Equity grow from a rural building society ranked position 66 out of 66 to become the current market leader with a market capitalization of Sh213 Billion (as of April 2018) and Sh528 Billion in asset base.
The lender also has a customer base in excess of 9.2 million in the six East African countries that it serves, making it the largest commercial bank on the African continent, by customer numbers.
Mr. David Ansell, a Kenyan-American, who has been named the Chairman Designate has been serving as the Non-Executive Vice-Chairman.
He was first appointed as a Director of Equity Bank in 2012 and has served in various capacities on the Boards of the Equity Group subsidiaries.