Africa-Press – Eswatini. Equity Group, Kenya’s second-largest lender by assets, has expanded its internal disciplinary efforts to Uganda, following the dismissal of more than 1,500 Kenyan staff two months ago over alleged involvement in fraudulent and suspicious activities.
In Uganda, Equity Bank has initiated a “culture of accountability” campaign part of a broader group-wide effort to reinforce internal controls, uphold ethical standards, and eliminate conflicts of interest. According to Equity Bank Uganda Managing Director Gift Shoko, the initiative isn’t tied to any specific incident but aligns with the bank’s ongoing strategy to enhance governance throughout its operations.
“We’re conducting routine audits, evaluating staff performance, and scrutinizing areas prone to conflict of interest and fraud,” Shoko stated. “The goal isn’t to punish, but to guide our team and establish clear standards. However, when trust is compromised, we won’t hesitate to act accordingly.”
Shoko noted that the bank is implementing enhanced whistleblower safeguards, ethics training programs, and backend risk monitoring tools such as AI-driven analytics designed to detect irregular transactions. “We’re scrutinizing every disbursement and tracking its destination,” he said. “What unfolded in Kenya was alarming, and we’re committed to full transparency.”
The “shock” refers to Equity Bank’s extensive anti-fraud crackdown in Kenya, where internal probes revealed deep-rooted collusion between employees and external fraudsters. Investigators estimate that over $15 million was siphoned off through suspicious transactions in the past two years, with portions reportedly funneled into offshore accounts.
Equity Group CEO James Mwangi stated that several employees were terminated due to connections with questionable M-PESA and bank transactions, regardless of the transaction size.
“This is not a toll station,” Mwangi remarked in May. “If you’ve ever taken a piece of Mama Mboga’s chicken, your time is up.”
The clean-up, launched in May, has evolved into one of the most assertive anti-fraud drives in Kenya’s banking sector. Mwangi has pledged to extend the initiative across all seven of Equity Group’s markets including Uganda, Rwanda, Tanzania, South Sudan, and the DRC.
Shoko noted that Uganda is currently undergoing a similar process, supported by external auditors and legal experts. “All implicated employees are being afforded a fair opportunity to present their side. While some have done so, others have not—and disciplinary actions are now in progress,” he explained.
He added that the process is anticipated to conclude by the end of July.
Originally a modest building society in Kenya, Equity has expanded into one of Africa’s largest banks with a capitalization of $1.3 billion (KES180 billion), primarily serving low-income clients with affordable services. However, this growth and the swift transition to digital banking have introduced fresh vulnerabilities, particularly within internal systems and employee conduct.
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