200 Staff Members, Among Them Managers, Fired at Equity Bank After Ksh 1.5 Billion Was Stolen Through Payroll Fraud

Equity Bank Fires Nearly 200 Staff in Sweeping Integrity Crackdown Following M-Pesa and Account Audit

Equity Bank Fires Nearly 200 Staff in Sweeping Integrity Crackdown Following M-Pesa and Account Audit Uganda’s UGX 65 Billion Loan Fraud and UGX 4 Billion Visa Losses Reveal Deeper Regional... The post Equity Bank Fires Nearly 200 Staff in Sweeping Integrity Crackdown Following M-Pesa and Account Audit appeared first on CEO East Africa.

James Mwangi-led Equity Group fires 200 Kenyan staff over $11.6 million scandal

Key PointsEquity Group terminated 200 Kenyan employees following a probe that uncovered payroll and mobile money fraud involving internal staff.The internal audit revealed over 40 unauthorized payments, with stolen credentials used to divert funds, prompting disciplinary action and a compliance overhaul.Despite the scandal, Equity’s retained earnings rose to $1.81 billion, with the group expanding across East Africa and ranking among Africa’s to…

200 Staff Members, Among Them Managers, Fired at Equity Bank After Ksh 1.5 billion Was Stolen Through Payroll Fraud

Wednesday, May 21, 2025 - Equity Bank recently dismissed nearly 200 employees in one of the biggest internal purges in its history, following a Ksh 1.5 billion payroll fraud involving insiders. An internal audit revealed that staff across the country had received unexplained funds through their salary accounts and registered M-Pesa numbers, linked to customers, bank-related entities, or fellow employees, which is a direct violation of the bank’s…