Customers money safe – Equity Bank Managing Director, Anthony Kituuka

Equity Bank Uganda Managing Director, Anthony Kituuka, has said that all customer deposits are safe.

This amidst reports of Shs 65 billion fraud at the Bank.

In an interview with this news site, Kituuka said the Bank and other entities are investigating the situation.

“When you talk about Equity Bank, 65 billion is just less than 2 %, so it could not affect or stop the day-to-day running of the bank business. All customers and monies are safe, all branches countrywide are working normally and the staff are on duty. But we are investigating  to establish who were involved in the fraud both our customers and staffs, then how much were involved  and by doing so we shall visit all the files of the loans given so that we get to the truth,” Anthony Kituuka told this reporter.

The fraud was discovered after a stock loan and agent banking float were loaned out to wrong people and unqualified loan applicants to a tune of over 65 billion.

The bank later went on it’s social media handles and issued a statement: –

“We regret to inform you that we have recently identified a possible fraud on our stock Loan and Agent float Financing products, people of interest including a few of our staffs and customers are currently assisting with investigations by the relevant law enforcement authorities.

We hold ourselves to the highest standards of accountability and transparency and persons found to be responsible, whether through fraud or errors of commission of omission we will be fully addressed in accordance with policies, procedures and ethical values of the organisation and, where appropriate the laws of the country be applied” read parts of the bank statement.

Anthony Kituuka, the managing director, added that the bank services are running normally, but investigators also want to establish to what extent the customers involved or the bank staffs, and by doing so they will visit loan file per file.

He added that the equity bank’s systems are working as usual without any disruption and that there is no need to fear carrying out transactions.

Kituuka revealed that former employees of the bank may or may not be connected to the involvement in the fraud.

Accordingly, Stock Loan and Agent financing are given via the bank’s revolutionary product known as Eazzy Stock which was launched in 2023. This is a digital credit product is designed to empower businesses, by providing them with the opportunity to unlock the value of their goods and access much needed capital for their growth and expansion.

This targets agents, distributors, stockists or retailers who are onward sellers of products or services of an anchor, even manufacturers.

It allows the categories to access funds for working capital conveniently, as and when required.

Kituuka also asserted: The money may not be to that tune of 65 billion. It may be less or more. So, we urge the public to calm down until real facts are established.