Equity Bank on the Spot After Customer Loses 10 Million

Equity Bank Uganda is under intensifying scrutiny due to accusations of fraudulent activities. In a recent incident, an unidentified male customer alleges that the bank took Ugx10 million from his account without his authorization. The customer claims that the bank has been unresponsive since the unauthorized withdrawal, providing no assistance or resolution.

This isn’t the first time Equity Bank Uganda has faced allegations of fraud. In February 2023, the bank was accused of depleting the account of a customer named Rose Ahebwa. Ahebwa states that the bank’s customer service department contacted her and encouraged her to subscribe to various products, including mobile banking.

Despite declining the offer, Ahebwa discovered a few hours later that her account balance had dwindled to just Ugx27,000. When she approached the bank manager, she was discouraged from reporting the issue to the police and assured that her case would be handled. However, she received no assistance from the bank.


Another customer, Maxwell Lawrence Muyonjo, also asserts that he fell victim to fraud at Equity Bank Uganda. In December 2022, his mobile phone was stolen, and the following day, an unauthorized individual accessed his mobile banking account and withdrew Ugx30.6 million. Additionally, the fraudster applied for a Ugx500,000 instant loan in Muyonjo’s name.

Equity Bank Uganda has refuted the fraud allegations. In a statement released on October 10, 2023, the bank declared that it is actively engaging with and supporting the affected customers and collaborating with the relevant authorities to resolve the matter. However, the bank has not provided specific details about the steps it is taking to address the allegations.

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