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Equity Bank Uganda Probes Alleged $16.7M Fraud in Loan Services

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louis Buyisiwe

Mar 13, 2024

Equity Bank Uganda alleged financial fraud

Amidst the investigation, industry experts, including Dr. Fred Muhumuza, reassure depositors that their savings remain secure, attributing potential losses to the bank's accountability. The Bank of Uganda, represented by Dr. Adam Mugume, has yet to acknowledge the alleged fraud but confirms the bank's robust financial standing as of the latest audits.
Random equity bank employees at discussion table,note that people in the image do not represent the actual people alleged of fraud For Bank represantation purposes only

Equity Bank Uganda Ltd is currently addressing an internal investigation concerning alleged fraudulent activities linked to its stock loan and agent float financing services. The issue, involving approximately Ush65 billion ($16.7 million), has led to the involvement of some employees and customers in ongoing legal inquiries. Despite the situation, the bank reassures that its operations remain unaffected, emphasizing its commitment to high standards of accountability and transparency.


Stock financing, designed to provide working capital against goods, and agent float loans, aimed at supporting bank and mobile money agents, are at the center of this scrutiny. Equity Bank's firm stance on addressing any misconduct aligns with its dedication to ethical practices and legal compliance.


Amidst the investigation, industry experts, including Dr. Fred Muhumuza, reassure depositors that their savings remain secure, attributing potential losses to the bank's accountability. The Bank of Uganda, represented by Dr. Adam Mugume, has yet to acknowledge the alleged fraud but confirms the bank's robust financial standing as of the latest audits.


As part of Equity Group Holdings Plc, Equity Bank Uganda boasts significant assets and an extensive network, including 50 branches and over 9,000 agents, dedicated to serving more than two million customers across Uganda. The bank's leadership is focused on resolving the matter while continuing to empower communities through financial services.

Read our related article about uganda's removal from financial grey list .

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