Equity Group Holdings, one of Kenya’s leading financial institutions, has initiated a significant internal restructuring by terminating over 1,200 employees in a decisive move against internal fraud.
This action follows an internal audit that uncovered fraudulent activities amounting to more than KES 2 billion (approximately $15.4 million) over the past two years. The dismissals, which began with 200 employees on May 20, 2025, escalated to over 1,200 by the end of the month, marking one of the most extensive anti-fraud measures in the region’s banking history.
CEO Dr. James Mwangi emphasized the bank’s zero-tolerance policy towards misconduct, stating, “We have zero tolerance on anybody who is conflicted.” He urged customers not to compromise staff integrity, highlighting that any form of inducement jeopardizes employees’ positions.
The internal investigation revealed that employees across various departments were either directly involved in or turned a blind eye to fraudulent transactions. Some of these transactions included illicit fund transfers to offshore accounts, notably in Abu Dhabi. The bank has committed to extending the probe to its operations in all seven markets, indicating that further dismissals could follow.
Despite the internal challenges, Equity Group reported a profit after tax of KES 29.6 billion ($229 million) in the first half of 2024, a 12% increase year-on-year. This growth was driven by a surge in both interest and non-interest income, with regional subsidiaries contributing 50% of the earnings.
The bank’s commitment to ethical practices extends beyond internal audits. Dr. Mwangi has been appointed to the World Bank Group’s High-Level Advisory Council on Jobs, reflecting his dedication to societal transformation and job creation in Africa.
Equity Group’s proactive approach to addressing internal fraud sets a precedent in the Kenyan banking sector. By taking decisive action against misconduct, the bank aims to restore trust and reinforce its commitment to ethical banking practices.
