Equity Bank has launched an investigation into suspected fraud on their Stock Loan and Agent financing products, according to the Bank’s management.
In a statement, the Bank says the move is intended to empower their customers, businesses, and communities, with innovate products and services that bring convenience and support their customers to unlock their full potential.
“Through our relationship with our customers and stakeholders, the Bank has continued to expand its footprint and currently has a network of 50 branches, over 9,000 Equi Duuka agents and 58 ATMs spread across the country and serving over 2 million customers,” the statement reads in part.
“We regret to inform you that we have recently identified a possible fraud on our Stock Loan and Agent financing products.”
“People of interest, including a few of our staff and customers, are currently assisting with investigations by the relevant law enforcement authorities,” explains the Bank.
The Bank says they hold themselves to the highest standards of accountability and transparency, and the person/s found to be responsible, whether through fraud or errors of commission or omission will be fully addressed by the policies, procedures, and ethical values of the organisation and, where appropriate, the laws of the country.
Despite this investigation, the Bank says, customers will continue to access loans across all their branches countrywide and banking channels uninterrupted.
The Board of Directors and management further says, they are committed to resolving and concluding this matter, as they continue to focus on their purpose of transforming lives, giving 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.
For more information visit the Website: https://equitygroupholdings.com
For more information Contact: Barbara Among I Communications Manager I T: Office – +256 752 503 097 I E: Barbara.Among@equitybank.co.ke
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