Equity Group Holdings Plc has announced a comprehensive reform initiative aimed at boosting accountability and restoring public trust across its operations in Kenya, Uganda, South Sudan, Tanzania, and the Democratic Republic of Congo.
The landmark move that signals a new chapter in ethical leadership underscores the bank’s unwavering commitment to integrity and professionalism, setting a powerful example for the banking sector and beyond.
While announcing the move during an investor briefing two weeks ago, Group CEO Dr James Mwangi, signalled a new era of accountability and performance at the Bank.
The reform campaign involves rigorous internal audits, employee behaviour evaluations, conflict-of-interest checks, and fraud screenings. Already, the initiative has led to the dismissal of over 200 staff in Kenya, following the exposure of a Ksh1.5 billion payroll and M-Pesa fraud.
“We have pushed the brand to global heights. It will not survive if our people contradict its integrity,” Dr Mwangi said during the announcement. “We must protect the brand. Accountability is not an option—it is a duty.”
According to sources within the institution, the reform has now extended beyond Kenya, with Equity Bank Uganda’s Managing Director, Gift Shoko, informing staff this week that the review had commenced in Uganda. “We are not targeting individuals but creating a fair and transparent environment where ethical conduct is the norm, not the exception,” a source quotes Shoko telling the team.
As part of the transformation, the bank is rolling out new tools and safeguards, including ethics and compliance training, whistleblower protection mechanisms and digital platforms for anonymous reporting.
Staff React: “Integrity Now Matters”
The reforms have sparked a wave of reflection among staff, many of whom voiced support for the initiative, particularly since new leadership took over.
“Some unethical behaviour was tolerated by some former leaders,” said a customer relationship officer who preferred not to be named. “This new move is restoring our pride in the workplace. It is reassuring to know that performance and integrity matter.”
A compliance officer, on the other hand, said the fact that even senior staff are subject to the same scrutiny has sent a strong message. “It means no one is above accountability now.”
The Group’s leadership says the reforms are rooted in Equity Bank’s core values of integrity, professionalism, and responsible stewardship. Dr Mwangi has made it clear that this is not just a temporary clean-up but a cultural transformation aimed at embedding ethical behaviour across all levels of the organisation.
Kenya Crackdown: 200 Staff Dismissed in Ksh1.5B Scandal
The internal audit in Kenya that triggered the broader regional campaign uncovered a sophisticated internal fraud operation. Investigators revealed that login credentials from a manager at the Group Processing Centre were used to authorise over 40 unauthorised payroll and M-Pesa transactions, siphoning funds into external accounts.
The dismissed employees—ranging from junior clerks to senior managers—were let go on grounds of gross misconduct, conflict of interest, and ethical violations. The Bank has confirmed that despite the dismissals, employees received all due compensation, including salary up to the last day worked, notice pay, and accrued leave.
Public Engagement and Industry Response
Equity Bank has also appealed to the public to report any suspected misconduct, emphasising that trust must extend beyond the institution’s internal operations.
Analysts say the move may set a precedent in an industry often criticised for quietly handling internal corruption. By confronting misconduct head-on and making the process public, Equity Bank is drawing a clear line: ethics are non-negotiable.
“This is not just an internal cleanup,” said a Nairobi-based banking analyst. “It’s a potential model for the rest of the financial sector.”
Despite the scandal, the Bank’s performance remains strong. In 2024, Equity Bank posted a net profit of Ksh24.1 billion and was ranked the third-best performing company in East Africa by the 2025 African Business Ranking. It was also recognised among Africa’s Top 100 companies, highlighting the resilience of its core operations.
As financial institutions across the continent battle rising threats to trust and integrity, Equity Bank’s proactive stance may redefine how banks confront ethical breaches, from damage control to deliberate culture shift.
