Equity Bank Uganda has come under scrutiny following reports of customers experiencing the unexplained disappearance of their deposits. One such case involves Farook Ssekandi, who claims to have lost Shs 10 million, suspecting possible internal fraud within the bank.
Ssekandi expressed his frustration in a viral video, accusing Equity Bank of failing to assist him in recovering his lost funds. He disclosed that he had initially deposited Shs 10 million but later discovered that the money was no longer in his account.
Equity Bank issued a statement denying any involvement in or facilitation of fraud. The bank stressed the importance of customer confidentiality but advised customers to report any loss of their mobile phones promptly to their 24/7 customer helpline at 0312327000. They also mentioned that they are actively supporting the affected customer and collaborating with relevant authorities to resolve the matter swiftly.
However, Ssekandi remained dissatisfied, asserting that the bank had not been helpful in retrieving his savings. He mentioned that the bank had assigned a security official to assist him, but the assistance was ineffective. This incident highlights concerns about Equity Bank’s ability to safeguard customer deposits and address fraud effectively.
This is not the first time Equity Bank has faced such allegations, and it raises questions about the bank’s efforts to strengthen its technology systems to detect and prevent fraud.
Despite numerous customers raising concerns and seeking intervention from regulators such as the Bank of Uganda, their pleas have often gone unanswered. Frustrated customers have turned to social media to express their dissatisfaction, which has negatively impacted the bank’s reputation.
On social media platform X, a former Equity Bank employee, speaking anonymously, suggested that one reason for the high number of fraud cases within the bank is the low compensation and unfavorable working conditions for its employees. The employee claimed that low salaries, a lack of bonuses, and minimal salary increments create pressure and financial strain on employees, potentially leading to fraudulent activities.
Many Ugandans have criticized Equity Bank for not providing a satisfactory explanation for the Ssekandi incident. Some have questioned the connection between the loss of Ssekandi’s phone and the transfer of his funds from his account.