Monday, September 25, 2023
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Equity Bank’s cases of customer loss of funds make their way to the Kenyan Senate

Over the past month, Equity Bank Kenya has come under fire on social media with claims of the loss of funds by some of its customers going viral on various social media platforms.

The bank was even forced to respond to the matters, releasing an official statement early in the month and proceeding to run a sensitization campaign on safe online transaction practices and safe access of its platforms online.

The bank’s mobile banking and online banking platforms have been widely blamed in the cases that have gone viral on social media. In other instances, the integrity of the bank’s personnel has also been questioned as some incidences pointed to possible collusion by people with more detailed knowledge of the bank’s systems with fraudsters, pointing to a possible inside job.

With the bank remaining mum on the specifics of the cases pointed out on social media, there is very little to work with from what is out there in the public domain and the truth. To that end, a clarification has been sought on the floor of the Senate by Nominated Senator Tabitha Mutinda.

The Senator’s request for a statement from the Senate committee responsible for money matters regarding the happenings at local banks with regards to widely reported cases of fraud seeks to find out the steps that have been taken by the responsible institutions, including the financial services and banking industry regulator, the Central Bank of Kenya, to protect consumers and to rein in the bad actors. It also specifically mentions Equity Bank, highlighting an individual case of one of the bank’s customer’s plight.



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