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May 20, 2024
Kampala Daily
BusinessNews

Equity Bank launches investigations into fraud claims

One of the main forces behind financial empowerment in the country, Equity Bank Uganda, recently encountered a major obstacle when it tried to resolve claims of fraud involving its Stock Loan and Agent financing products.

Considering the institution’s history of strengthening clients, companies, and communities while maintaining the greatest standards of ethics and transparency, this news was shocking.

The Bank promptly responded to these accusations, exhibiting its dedication to ethical behavior and responsibility. In collaboration with the appropriate law enforcement agencies, the bank has launched an inquiry into the incident right away. This proactive stance is indicative of the organization’s commitment to confronting problems head-on and making sure justice is done.

A number of employees and clients are among the people of interest who are actively assisting the police with their inquiry. As evidence of Equity Bank Uganda’s steadfast dedication to respecting the law and preserving community confidence, the bank has promised to adhere to the legal procedure in its entirety.

According to the Bank, despite the investigations going on, it continues to be dedicated to providing uninterrupted customer service even in the midst of this process.

Almost 2 million customers still rely on the bank to provide them with basic financial services through its nationwide network of 50 branches, 9,000 Equi Duuka agents, and 58 ATMs. With this pledge, Equity Bank Uganda’s leadership and employees demonstrate their fortitude and devotion in the face of difficulty.

The bank’s commitment to handling the matter in an open and moral manner is also emphasized in the statement. The organization’s standards, processes, ethical principles, and any applicable laws will all apply to those deemed accountable for any fraudulent action.

“Despite this investigation, customers will continue to access loans across all our branches countrywide and banking channels uninterrupted. 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,” reads part of the statement.

Equity Bank Uganda is a reputable financial company that puts the needs of its stakeholders and clients first, and this dedication to accountability helps to further solidify that image.

Meanwhile, Equity Bank Uganda began its operations in 2008 and is regulated by the Bank of Uganda. The Bank has its Head Office in Kampala and a network of 50 branches, over 9,000 Equi Duuka agents and 58 ATMs spread across the country and serving over 2 million customers.

Equity Bank Uganda is one of the leading banks in Uganda with an asset base of UGX 3.5 Trillion as at 30th September 2023. The Bank has also continued to scale its social impact investments in financial literacy with over 116,000 youth and women trained including 35,436 refugees, 84,352 jobs created through the Young Africa Works program and 125,235 households reached through the social protection program.

Over 70,000 farmers have been transformed from subsistence into agribusinesses and in education, the Bank has rolled out the Equity Leaders Program (ELP) with 216 scholars already enrolled into the program.

 

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