Intensifying Anti-Fraud Crackdown Spreads to Uganda as Part of Wide-Ranging Governance Reform by Equity Group
In a bold move to combat fraud and reinforce ethical governance, Equity Bank Uganda has announced the launch of a culture-driven anti-fraud initiative called the "Culture of Accountability." This initiative, which was publicly unveiled on July 3, 2025, is part of a broader group-wide effort to strengthen internal controls and uphold ethical standards across all operations.
The Culture of Accountability is an extensive program that employs AI tools, regular audits, whistleblower support, ethics training, and transparent disclosures to proactively safeguard both staff and customers. The goal is to prevent fraud and misconduct before they escalate, reinforcing integrity and performance discipline.
Equity Bank Uganda's Managing Director, Gift Shoko, stated that the bank is conducting routine audits, evaluating staff performance, and scrutinizing areas prone to conflict of interest and fraud. This initiative is not tied to any specific incident but aligns with the bank's ongoing strategy to enhance governance throughout its operations.
The program includes AI-assisted performance reviews, routine staff audits for ethical breaches, conflict of interest disclosures, whistleblower protections, ethics training, and transactional anomaly monitoring using artificial intelligence. The bank emphasizes fairness and structured due process rather than punitive action unless serious misconduct occurs.
In addition to the Culture of Accountability, Equity Bank Uganda is strengthening its fraud risk management by recruiting senior management focused on fraud risk detection and prevention. These individuals will develop and enforce comprehensive fraud frameworks, including technology-driven prevention controls, fraud monitoring and reporting, loss recovery strategies, compliance with regulations, and employee training on fraud awareness.
The anti-fraud drive in Uganda is currently being supported by external auditors and legal experts. All implicated employees in Uganda are being given a fair opportunity to present their side. Disciplinary actions are now in progress, and several employees have already been terminated due to connections with questionable M-PESA and bank transactions, regardless of the transaction size.
Equity Bank Uganda primarily serves low-income clients with affordable services. Originally a building society in Kenya, Equity has expanded into one of Africa's largest banks with a capitalization of $1.3 billion (KES180 billion). 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. The bank is now scrutinizing every disbursement and tracking its destination. The anti-fraud drive in Uganda is anticipated to conclude by the end of July.
The goal of the initiative isn't to punish but to guide the team and establish clear standards. The bank aims to create a culture where fraud and unethical behaviour are not tolerated, fostering a safe and transparent environment for its customers and employees alike. This comprehensive approach to fraud prevention and ethical governance is a testament to Equity Bank Uganda's commitment to maintaining the trust and confidence of its customers and stakeholders.
[1] Equity Bank Uganda Press Release, July 3, 2025. [2] The East African, "Equity Bank's Anti-Fraud Crackdown in Kenya," July 10, 2025. [3] Business Daily Africa, "Equity Bank Recruits Senior Management to Combat Fraud," July 15, 2025.
- Equity Bank Uganda's Culture of Accountability incorporates AI tools, regular audits, ethics training, and technology-driven prevention controls from the finance sector, aiming to create a business environment that discourages fraud and unethical behavior.
- As part of its anti-fraud initiative, Equity Bank Uganda is strengthening its risk management by recruiting senior management with expertise in finance and technology, focusing on developing comprehensive fraud frameworks to safeguard both the bank and its customers.
