Jane Mukami’s story has become a fresh reminder of just how unsafe customers’ money can be in the hands of Equity Bank.
In April, she began receiving notifications on her phone that money was being withdrawn from her account without her knowledge.
Before she could fully process what was happening, KSh 1.6 million was gone through fraudulent transactions. She reacted quickly, calling the bank to block her card and prevent further losses, then filed a claim expecting swift assistance. Instead, the bank told her to wait two months.
Three months later, nothing had been resolved. It was only after reaching out to a friend working inside the bank that she got KSh 450,000 back.
Then communication went cold again, with no explanation for the remaining amount.
Tired of waiting, Jane went public with her ordeal on Facebook. Within four hours, her post went viral, attracting thousands of comments and shares. What shocked many was not just her case but the avalanche of similar complaints from other customers.
People narrated how they had lost money through unauthorized withdrawals, suspicious transfers, and in some instances, after being tipped off to robbers by bank staff following large cash withdrawals.
The stories painted a worrying picture of a bank plagued by deep internal rot.
As soon as Jane’s post gained traction online, Equity Bank refunded her full amount.
But this sudden change in pace raised questions why did it take three months and intense public backlash for the bank to act? And why was there still no transparency about how the fraud happened?
The suspicion of insider involvement has only grown stronger, especially considering Equity’s history with internal fraud.
In 2024, the bank uncovered a KSh 1.5 billion payroll fraud involving rogue employees working with outsiders. Another case saw Sh290 million lost in debit card fraud, while earlier this year, over 1,200 employees were sacked after investigations into massive fraudulent activities, including offshore transfers.
Despite these scandals, the bank’s response has been mostly talk. Management has promised stronger fraud management and better cybersecurity, but these pledges ring hollow when customers like Jane only get justice after public uproar.
Many victims claim the bank’s long and exhausting refund process is designed to discourage complaints. Meanwhile, Equity reported KSh 33 billion in profit in just the first half of 2025, showing that customer suffering has not slowed down their earnings.
Equity’s name keeps coming up in connection with fraud, both online and offline. Former insiders allege that dormant accounts are tampered with, loans are issued without customers’ consent, and teller-led setups put customers in danger after large withdrawals.
The bank was once celebrated for helping ordinary Kenyans access financial services, but now it risks being seen as a place where your money is never truly safe. Until the bank confronts this problem head-on, customers remain exposed to theft while the institution continues to rake in billions.
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