Equity Bank has fired about 200 employees in Kenya across its branch network after internal audits uncovered a sophisticated payroll and M-Pesa scam that led to the loss of Ksh1.5 billion.
The dismissed workers, spread across the bank’s head office and branches nationwide, include both senior managers and junior staff members.
According to the company, the dismissals followed months of investigations launched in December 2024.
Staff were required to account for any irregular income into their bank or M-Pesa accounts for the past two years, with face-to-face disciplinary hearings held for those with unexplained deposits.
Further, the company revealed that the employees used stolen IT credentials belonging to a manager in the Group Processing Centre.
They were used to authorize over 40 high-value transactions that funneled nearly Ksh1.5 billion to external bank accounts.
Also Read: Equity Group Ranked 2nd Strongest Banking Brand in the World
Equity Group CEO on Protecting the Brand
Equity Group CEO James Mwangi stated that the sacking was not a redundancy plan but a necessary cleanup to uphold the bank’s currency of trust.
“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,” Mwangi said.
Consequently, staff received termination letters citing gross misconduct, conflict of interest, and ethical breaches.
Some of the transactions flagged included money transfers tied to clients, entities, or fellow employees, a violation of Equity’s internal ethics code.
Also Read: List of All Equity Bank Branches in Kenya
Equity Bank Employees Sent home with Salaries
Additionally, employees were offered salaries up to the last day worked, pay for unused leave, and notice pay in line with the bank’s termination policy.
The bank noted that it is strengthening its internal controls, hiring more security and risk professionals, and sourcing senior staff with anti-fraud expertise.
Equity has also beefed-up compliance efforts at its subsidiaries in Uganda, Rwanda, Tanzania, South Sudan, and DRC.
On the other hand, Equity Bank Kenya posted a net profit of Ksh24.1 billion for the year ending December 2024, despite the fraud.
The bank was ranked the third best performing company in East Africa by the 2025 African Business ranking, with 1,296 market value. Also, it ranked position 88 in the continent.
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