Summary:
- Equity Bank Uganda Limited has opened war against possible fraud on stock loan and agent float financing.
The Management of Equity Bank Uganda Limited has opened war against possible fraud on stock loan and agent float financing.
In a statement dated March 7, 2024, Equity Bank admitted possibilities of fraud within its services and said they have embarked on investigations regarding the matter.
“The portfolio currently under investigation is approximately Shs65 billion out of a loan book of Shs1.9 trillion and is equivalent to 1.8% of Equity Bank Uganda total assets.” the statement by Equity reads in part.
The bank said, it has since embarked on collaborations with some of its staff and customers to assist law enforcement officers in investigations.
Amid the investigations, the bank has committed to holding itself to the highest standards of accountability and transparency.
“Any person found to be responsible, whether through fraud or errors of commission or omission will be dealt with in accordance with the policies, procedures and ethical values of the organisation, and where appropriate, the laws of the country,” the bank stated.
Below is the Full statement.
In our effort to empower our customers, businesses, and communities, we have continued to innovate products and services that bring convenience and support our 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.
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.
We hold ourselves 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, customers will continue to access loans across all our branches countrywide and banking channels uninterrupted.
The Board of Directors and management are committed to resolving and concluding this matter, and we continue to focus on our purpose of transforming lives, giving dignity and expanding opportunities for wealth creation.
