Equity Bank Uganda Limited Launches Investigations into Suspected Fraud on Stock Loan and Agent Float Financing

Equity Bank Uganda has started investigations into allegations of fraud on stock loan and agent float financing, the financial institution has announced.

Here’s Equity Bank’s full statement on the allegations and the commencement of investigations:

In our ongoing effort to empower our customers, businesses, and communities, we have continued to develop products and services that provide convenience and help our customers reach their full potential.
Through our relationships with our customers and stakeholders, the Bank has continued to grow its footprint, and it now has a network of 50 branches, over 9,000 Equi Duuka agents, and 58 ATMs spread across the country, serving over 2 million customers.

We regret to inform you that we have recently discovered a potential fraud in our Stock Loan and Agent financing products.

People of interest, including some of our employees and customers, are currently cooperating with law enforcement investigations. We hold ourselves to the highest standards of accountability and transparency, and any individuals found to be responsible, whether through fraud or errors of commission or omission, will be fully addressed by the organization’s policies, procedures, and ethical values, as well as, where applicable, national laws.

Despite the ongoing investigation, customers will be able to access loans through all of our branches and banking channels.
The Board of Directors and management are committed to resolving and concluding this matter, and we continue to focus on our mission of transforming lives, providing dignity, and expanding opportunities for wealth creation.

ABOUT EQUITY BANK UGANDA LIMITED

Equity Bank Uganda began its operations in 2008 and is regulated by the Bank of Uganda. The Bank has its Head Office in Kampala and a network of 50 branches, over 9,000 Equi Duuka agents and 58 ATMs spread across the country and serving over 2 million customers. Equity Bank Uganda is one of the leading banks in Uganda with an asset base of UGX 3.5 Trillion as at 30th September 2023. The Bank has also continued to scale its social impact investments in financial literacy with over 116,000 youth and women trained including 35,436 refugees, 84,352 jobs created through the Young Africa Works program and 125,235 households reached through the social protection program. Over 70,000 farmers have been transformed from subsistence into agribusinesses and in education, the Bank has rolled out the Equity Leaders Program (ELP) with 216 scholars already enrolled into the program.

Equity Bank Uganda is a subsidiary of Equity Group Holdings Pie, a financial services company listed at the Nairobi Securities Exchange, Uganda Securities Exchange, and Rwanda Stock Exchange. In addition to Equity Bank Uganda, the Group has banking subsidiaries in Kenya, Rwanda, Tanzania, South Sudan and the Democratic Republic of Congo, a Commercial Representative Office in Ethiopia and non-banking subsidiaries in Kenya that are engaged in providing investment banking and stock-broking, insurance, custodial services, payment services and telecommunication services. Equity Group Holdings Plc is listed on regional exchanges with a market capitalization of USD 0.9bn. Equity Group Holdings Plc reported a consolidated asset base of USD 11.4bn, deposits of USD 8.2bn and a customer base of over 18.9 million customers as of 30th September 2023. Equity Group has a footprint of over 360 branches, 69, 656 Agents, over 950,000 Pay With Equity (PWE) Merchants, 34,844 Point-of-Sale (POS) Merchants, over 700 ATMs and an extensive adoption of digital and mobile banking channels.

Meanwhile, you can see the list of Ugandan most profitable and loss-making banks Here.

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