{"id":68621,"date":"2024-03-12T06:16:36","date_gmt":"2024-03-12T06:16:36","guid":{"rendered":"https:\/\/www.africa-press.net\/uganda\/?p=68621"},"modified":"2024-03-12T06:08:57","modified_gmt":"2024-03-12T06:08:57","slug":"equity-bank-probes-staff-over-possible-loan-fraud","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/uganda\/all-news\/equity-bank-probes-staff-over-possible-loan-fraud","title":{"rendered":"Equity bank probes staff over \u2018possible loan fraud\u2019"},"content":{"rendered":"

Africa-Press – Uganda. <\/strong><\/span>Equity Bank Uganda Ltd is investigating some of its staff over possible fraudulent activities affecting its stock loan and agent float financing.<\/b><\/p>\n

Stock finance is one of the bank\u2019s portfolio under which lending to customers looking to purchase stocks such as soda, beer, cement, airtime, fuel and beauty products, among others, is effected. While agent loan financing is a particular type of a loan for bank agents and mobile money agents.<\/p>\n

This publication understands that the portfolio currently under investigation is approximately Shs65 billion out of a loan book of Shs1.9 trillion and equivalent of nearly 2 per cent of Equity Bank of Uganda total assets.<\/p>\n

\u201cWe regret to inform you that we have recently identified a possible fraud on our stock loan and agent financing products,\u201d reads part of the bank\u2019s statement addressed to its customers and shareholders.<\/p>\n

\u201cPeople of interest, including a few of our staff and customers, are currently assisting with investigations by the relevant law enforcement authorities.<\/p>\n

\u201cWe hold ourselves to the highest standards of accountability and transparency, and person found to be responsible, whether through fraud or errors of commission or omission will be fully addressed in accordance with the policies, procedures and ethical values of the organisation and, where appropriate, the laws of the country,\u201d further reads the bank\u2019s statement.<\/p>\n

The bank, however, says its operations continue seamlessly.<\/p>\n

\u201cCustomers continue to access loans across all our branches countrywide and banking channels.<\/p>\n

\u201cThe Board of Directors and management are committed to resolving and concluding this matter, and we continue to focus on our purpose of transforming lives, giving dignity and expanding opportunities for wealth creation,\u201d adds the bank.<\/p>\n

Meanwhile, Dr Fred Muhumuza, a sector expert and also a board member of a bank, told that in a situation like this, depositors\u2019 savings is not affected except the bank\u2019s bottom line \u2013 profit.<\/p>\n

\u201cIf it turned out that some money has been lost, it will be the bank to suffer the loss and not the depositors because it is a lapse in the bank\u2019s side,\u201d says Dr Muhumuza, adding that, \u201cuntil then there shouldn\u2019t be cause for alarm because it\u2019s an investigation into a suspected fraud \u2013 still early days.\u201d<\/p>\n

The director research and policy at Bank of Uganda, Dr Adam Mugume, said: \u201cWe are not aware of this possible fraud.<\/p>\n

\u201cBut the Audited accounts of the bank as of December were quite healthy. And the loan book was good. Will find out more but I doubt whether this wasn’t malicious reporting.\u201d<\/p>\n

Equity bank Uganda a subsidiary of Equity group holdings Plc, is one of the leading banks in Uganda wit5h an asset base of 3.5 Trillion as at 30th September 2023. The Bank has continued to expand its footprints and currently has a network of 50 branches, Over 9000 Qui Duka agent and 58ATMs spread across the country and serving over 2 million customers.<\/p>\n

For More News And Analysis About Uganda<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Uganda. Equity Bank Uganda Ltd is investigating some of its staff over possible fraudulent activities affecting its stock loan and agent float financing. Stock finance is one of the bank\u2019s portfolio under which lending to customers looking to purchase stocks such as soda, beer, cement, airtime, fuel and beauty products, among others, is […]<\/p>\n","protected":false},"author":84,"featured_media":68620,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7],"tags":[233,240,234],"class_list":["post-68621","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","tag-africa-press","tag-africa-press-uganda","tag-uganda"],"yoast_head":"\nEquity bank probes staff over \u2018possible loan fraud\u2019 - Uganda<\/title>\n<meta name=\"description\" content=\"Equity Bank Uganda Ltd is investigating some of its staff over possible fraudulent activities affecting its stock loa ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/uganda\/all-news\/equity-bank-probes-staff-over-possible-loan-fraud\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Equity bank probes staff over \u2018possible loan fraud\u2019\" \/>\n<meta property=\"og:description\" content=\"Equity Bank Uganda Ltd is investigating some of its staff over possible fraudulent activities affecting its stock loa ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/uganda\/all-news\/equity-bank-probes-staff-over-possible-loan-fraud\" \/>\n<meta property=\"og:site_name\" content=\"Uganda\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-12T06:16:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2024\/03\/sm_1710210766.311474.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"853\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/equity-bank-probes-staff-over-possible-loan-fraud#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/equity-bank-probes-staff-over-possible-loan-fraud\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Equity bank probes staff over \u2018possible loan fraud\u2019\",\"datePublished\":\"2024-03-12T06:16:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/equity-bank-probes-staff-over-possible-loan-fraud\"},\"wordCount\":500,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/equity-bank-probes-staff-over-possible-loan-fraud#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2024\/03\/sm_1710210766.311474.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Uganda\",\"uganda\"],\"articleSection\":[\"all news\",\"economy\",\"head lines\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/uganda\/all-news\/equity-bank-probes-staff-over-possible-loan-fraud#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/equity-bank-probes-staff-over-possible-loan-fraud\",\"url\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/equity-bank-probes-staff-over-possible-loan-fraud\",\"name\":\"Equity bank probes staff over \u2018possible loan fraud\u2019 - 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