Equity Bank Rwanda is at the center of an ongoing investigation into a fraud incident that has prompted the detention of 35 individuals, including six in Uganda, according to authorities in Kigali.
- •The Rwanda Investigation Bureau (RIB) is leading the probe, which is examining the movement of funds through the bank’s systems and assessing potential vulnerabilities.
- •Investigators are conducting forensic reviews of electronic devices, server logs, and transaction records to determine the scope and mechanics of the alleged fraud.
- •Two bank IT personnel are among those detained, though authorities have not drawn conclusions regarding their involvement.
"Our internal monitoring systems detected the irregular transaction activity and immediately triggered the security and incident response protocols in line with operational and risk management procedures," Equity Bank Rwanda said in a statement on March 15th.
According to reporting by Rwandan media, the total volume affected in the fraud is estimated at approximately Rwf 4.7 billion, of which roughly Rwf 1.2 billion has been recovered. Fraudsters reportedly exploited bulk float purchases through SIM cards, in some cases registered outside Rwanda, to move large sums more quickly than through normal bank-to-wallet channels.
"Investigations into the matter are ongoing in coordination with law enforcement agencies and regulatory authorities, including the National Bank of Rwanda," the lender added.
The incident comes as Equity Group, the bank’s parent company with subsidiaries in Kenya, Uganda, Tanzania, South Sudan, and the Democratic Republic of Congo, continues anti-fraud initiatives across its regional network.
In Kenya, Equity Group conducted one of the country’s largest internal anti-fraud campaigns in 2025, dismissing over 1,200 employees after uncovering widespread irregularities in payroll and mobile-money transactions that resulted in losses exceeding KSh 2 billion. Investigations revealed unauthorized transfers, misuse of internal credentials, and collusion between staff and external actors.
In addition, separate criminal cases involved schemes such as a KSh 1.49 billion fraud connected to a Nairobi lawyer and individual thefts, including a teller accused of stealing KSh 2.4 million, highlighting the bank's ongoing challenges with insider fraud and transaction security.
In Uganda, Equity Bank investigated fraud involving former staff who allegedly diverted unsecured loans totaling about UShs62 billion in 2024. Authorities pursued both employees and external collaborators, while the bank cooperated with law enforcement and conducted internal reviews.
