Equity Bank Kenya has laid off around 195 employees after a thorough internal audit revealed questionable transactions linked to their bank accounts and M-Pesa wallets.
The dismissals, which started last week, are the result of investigations that began on April 14, aimed at tackling conflict of interest issues within the bank’s workforce.
The investigation specifically targeted employees who received unexplained funds from customers or entities connected to the bank, including fellow employees.
“We have pushed the brand, it is now Africa’s top-rated financial brand and second globally. It will never survive if its people contradict it,” said James Mwangi, Equity Group CEO, confirming the restructuring.
“This year we did not only audit competence and capabilities but we also checked ‘are you conflicted? Can we trust you? Can you uphold our currency of trust?’”
The unprecedented purge follows a major fraud incident where the bank lost Sh1.5 billion through an elaborate scheme involving insider participation
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According to Mwangi, this significant theft triggered the comprehensive investigation into employee accounts.
“In Kenya, it was a payroll of Sh1.5 billion, so that is what triggered us. If a staff member can do this, how many others can do it? It prompted us to question conflict of interest,” Mwangi explained.
The Sh1.5 billion theft was orchestrated over 90 days using the IT system credentials of David Muchiri Kimani, Equity Bank’s manager at the Group Processing Centre, Salary Processing Unit.
