Equity Bank Sacks 1,200 Staff Over $15.4 Million Internal Fraud

James Mwangi

Source: Africa Publicity

Kenya’s second-biggest bank by assets, Equity Bank, has sacked some 1,200 staff over alleged $15.4 million internal fraud.

Equity Bank CEO, James Mwangi, announced the dismissals recently, marking one of the largest anti-fraud action taken by a Kenyan bank in recent years.

According to Mr. Mwangi, the mass sacking comes after months-long internal probe into staff collusion with fraudsters which he says has cost Equity Bank KES 2 billion or $15.4 million over the two years.

He revealed some funds were illegally transferred to offshore accounts.

Mr. Mwangi says the fraud include high-profile case involving transfers to Abu Dhabi in 2024.

The investigation revealed that staff across multiple Equity Bank’s departments had either facilitated or ignored suspicious transactions involving the bank’s clients.

Speaking to the Kenyan media, Mr. Mwangi says “The moment of reckoning has come.”

He says “It doesn’t matter how many I will lose. I don’t even care. I will protect the customers and the bank. I will be ruthless.”

The financial cleanup exercise started on May 20 when Equity sacked an initial 200 staff, Mr. Mwangi says.

According to him, the investigations would be extended to the Bank’s seven markets, suggesting that more employees could be sacked as well.

Equity Bank employees over 14,000 workers.

Mr. Mwangi says “I want to encourage customers not to compromise staff,” adding that “Because we have zero tolerance for anybody who is conflicted.”

He condemned the culture where customers offer bank staff tips or gifts to expedite services, saying “this is not a toll station. If you have ever eaten Mama Mboga’s chicken, the moment has come.”