Equity Bank Uganda is currently facing questions and concerns as some of its customers report the unexplained disappearance of their deposits. Farook Ssekandi, one of the bank’s customers, has claimed that he lost Shs 10 million due to possible internal fraud within the institution.
Ssekandi alleges that he initially deposited Shs 10 million, only to later discover that the money was no longer in his account. In a video that has since gone viral, he expressed his frustration and accused Equity Bank of failing to assist him in recovering his lost funds.
In response, Equity Bank issued a statement, denying any involvement in abetting or aiding fraud. The bank emphasized the importance of reporting any loss or suspicious activity, urging customers to contact their 24/7 customer helpline at 0312327000. Equity Bank also stated that they are actively working with the affected customer and relevant authorities to resolve the matter swiftly.
Despite the bank’s assurances, Ssekandi claims that the bank has not provided him with any substantial assistance in recovering his missing savings. He expressed his dissatisfaction with the bank’s efforts to resolve the issue, even mentioning the involvement of a security official who has not been helpful.
The situation highlights Equity Bank’s challenges in enhancing its technology systems to identify and prevent fraud effectively.
The Bank of Uganda, the country’s central bank, has remained silent on the matter despite numerous customers seeking intervention. Many customers, frustrated with both Equity Bank and regulatory bodies, have resorted to venting their grievances on social media, which has had a negative impact on the bank’s reputation.
A former employee of Equity Bank, speaking anonymously, suggested that the bank’s high incidence of fraud may be linked to low employee compensation and working conditions. The employee claimed that Equity Bank offers the lowest salaries among tier 1 banks, with limited bonuses and salary increments. This, in turn, creates pressure on employees and, in some cases, leads to fraudulent activities.
Ugandans have voiced their concerns about the lack of clarity surrounding the Ssekandi incident and are questioning the role of the Bank of Uganda as a regulatory authority in protecting the interests of bank customers. Some citizens have expressed their dissatisfaction with the overall level of protection provided by the Bank of Uganda and the Uganda Communications Commission, asserting that regardless of the bank, customers face the risk of losing their money.