Africa Business News

Equity Group, Kenya’s second-biggest bank by assets, has fired more than 1,200 employees in a sweeping internal purge to crack down on fraud. CEO James Mwangi says the probe found that staff across multiple departments had either facilitated or ignored suspicious transactions involving bank clients. While Equity’s new zero-tolerance stance will likely get regulators and public backing, it reveals deeper governance challenges within Kenya’s banking sector, which has been plagued by high-profile fraud cases. Few financial institutions have taken such a public and far-reaching approach to addressing internal fraud. The cleanup began quietly on May 20 when Equity dismissed an initial group of 200 employees, according to Mwangi. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.