Equity Group Enhances Strict Anti-Fraud Measures in Uganda during a Broadening Governance Renovation
Equity Bank Uganda has taken a significant step forward in the banking sector with the launch of its anti-fraud initiative, dubbed the "Culture of Accountability." This program, announced on July 3, 2025, is part of a broader group-wide effort to strengthen ethical conduct, internal transparency, and discipline across all branches and departments.
The initiative, proactively introduced by the Group CEO and Equity Bank Uganda’s Managing Director Gift Shoko, aims to reinforce integrity as a core value rather than a reaction to a specific fraud incident.
The program includes several measures: routine staff behavior audits and conflict-of-interest checks, whistleblower protections and confidential HR feedback channels, ethics training for employees, use of artificial intelligence (AI) to monitor transactional anomalies and staff performance, and a structured, fair process for detecting and disciplining serious misconduct.
Equity Bank Uganda is implementing enhanced whistleblower safeguards, ethics training programs, and backend risk monitoring tools such as AI-driven analytics. The bank is scrutinizing every disbursement and tracking its destination, and several employees have already been terminated due to connections with questionable M-PESA and bank transactions. Disciplinary actions are now in progress for employees implicated in fraudulent activities in Uganda.
The goal of the initiative isn't to punish but to guide the team and establish clear standards. The process in Uganda is anticipated to conclude by the end of July.
The growth and swift transition to digital banking have introduced fresh vulnerabilities, particularly within internal systems and employee conduct. In Kenya, Equity Bank's extensive anti-fraud crackdown revealed deep-rooted collusion between employees and external fraudsters, with over $15 million siphoned off through suspicious transactions in the past two years, portions of which were reportedly funneled into offshore accounts.
In response, Equity Bank has been conducting routine audits, evaluating staff performance, and scrutinizing areas prone to conflict of interest and fraud. The bank primarily serves low-income clients with affordable services, and Mwangi, the Group CEO, has pledged to extend the anti-fraud drive across all seven of Equity Group's markets, including Uganda.
While specific operational outcomes such as reduction in fraud losses or efficiency metrics have not been publicly disclosed yet, the bank’s strategic use of AI and external auditors reflects a modern, multi-layered approach aligning with emerging fraud prevention trends across Africa’s financial sector. The initiative is intended to enhance customer and staff trust by safeguarding both parties, lead to early detection and prevention of fraud before significant losses occur, create a culture where ethical breaches are less likely due to regular audits and transparent reporting, and utilise AI to identify suspicious transactions in real-time, supplementing human oversight and reducing fraud risks.
[1] Equity Bank Uganda (2025). Equity Bank Uganda Launches "Culture of Accountability" Initiative. Retrieved from https://www.equitybankuganda.com/news/equity-bank-uganda-launches-culture-of-accountability-initiative
[2] Africa Business Central (2025). Equity Bank Uganda's Anti-Fraud Measures: A Game Changer in the African Financial Sector. Retrieved from https://africabusinesscentral.com/equity-bank-ugandas-anti-fraud-measures-a-game-changer-in-the-african-financial-sector/
[1] Equity Bank Uganda's anti-fraud initiative, the "Culture of Accountability," not only aims to detect and discipline misconduct but also guides the team and establishes clear standards in business ethics, ensuring a culture where ethical breaches are less likely.
[2] By incorporating technology such as AI for real-time transaction monitoring and enhancing their whistleblower safeguards and ethics training programs, Equity Bank Uganda demonstrates a commitment to transforming the banking sector, not just in Uganda, but also across Africa's financial market, striving for a more secure and trustworthy environment for both customers and employees in the realm of finance and investing.
