Equity Group Expands Anti-Fraud Drive to Uganda Following Mass Firings in Kenya
Equity Group, recognized as Kenya’s second-largest bank by assets, is intensifying its efforts to combat staff misconduct, extending its internal audit and accountability measures to Uganda. This strategic move comes just two months after the financial institution dismissed over 1,500 employees in Kenya due to their involvement in suspicious transactions, including significant fraud. The expansion underscores Equity’s commitment to reinforcing ethical standards and fortifying its operational integrity across the East African financial landscape.
Fostering a Culture of Accountability Across Operations
In Uganda, Equity Bank has initiated a comprehensive “culture of accountability” campaign. This group-wide initiative is designed to bolster internal controls, actively promote ethical behavior, and systematically eliminate conflicts of interest within its vast network. Gift Shoko, the Managing Director of Equity Bank Uganda, emphasized that this exercise is not a reactive measure to a specific incident but rather a proactive component of the bank’s broader strategy to enhance governance across all its operational facets. Shoko stated, “We’re doing regular audits, reviewing performance, and looking closely at conflict of interest and fraud risk.” He further clarified the bank’s approach, adding, “It’s not about punishing people, but about supporting them and setting clear expectations. But where trust is broken, we’ll take appropriate action.” As part of this renewed focus, the bank is also rolling out new whistleblower protections and introducing enhanced ethics training for its staff, aiming to foster an environment of transparency and trust.
This decisive action by Equity Group highlights a critical focus on robust corporate governance within Africa’s dynamic financial services sector. By aggressively tackling internal fraud and misconduct, the bank not only safeguards its assets and reputation but also reinforces customer trust, which is paramount in an increasingly digital and interconnected financial ecosystem. Such proactive measures are vital for maintaining stability and fostering growth in key African markets.
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