Equity Bank assures customers as police probes staff over loan fraud

The alleged fraud involved customers who reportedly connived with some of the bank staff members and managed to secure loans without following the set out procedures.

Client, staff connivance

It is understood that through this connivance, the unnamed clients (also under investigation) bypassed the normal loan application process, that would required them to show proof of their colleterial.

The loan products sought but the clients were the "stock loan" (for business restocking) and "agent financing" (for agents in need of cash).

Responding to these alarming reports, Equity Bank said it has initiated a comprehensive internal investigation, aligning with its stringent risk and compliance protocols aimed at safeguarding customer interests.

Equity staff members questioned by police

In bank's statement, released on Thursday, March 7, indicates that some of its staff members had been brought in to help police with the ongoing probe.

“People of interest, including a few of our staff and customers, are currently assisting with investigations by the relevant law enforcement authorities,” the statement reads in part.

“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.”

The institution, on the other hand, reassured its clientele that access to loans and banking services will remain unaffected.

Service uninterrupted

“Customers will continue to access loans across all our branches countrywide and banking channels uninterrupted,” the bank clarified.

“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.”

As one of the biggest commercial banks in the country, serving over 2million customers, Equity Bank boasts of a network of 50 branches, over 9,000 Equi Duuka agents and 58 ATMs spread across the country.