Equity Bank is under scrutiny after a former employee came forward with shocking claims about the institution’s internal troubles, despite its glowing public image.
The whistleblower, whose identity remains confidential, alleges that the bank has been overstating its profits and relying heavily on operations in the Democratic Republic of Congo (DRC) to cover up weak performance in Kenya.
While Equity Bank has publicly celebrated its “billions in profits,” the insider paints a very different picture.
Dr. James Mwangi, the Chief Executive Officer Equity Bank
“This bank is pretending everything is fine, but it’s not,” the source shared. “Imagine being promised bonuses after such huge profit announcements, only to find your salary quietly deposited late at night – and no bonus in sight.
A few days later, some employees received termination letters citing ‘poor performance.’ It’s all a smokescreen.”
The terminations, which the source says blindsided many, have fueled doubts about the bank’s claims of success.
The dismissal letters, dated December 13, 2024, promised payments for unused leave and a certificate of service, but employees dispute the reasons given for their removal.
The whistleblower didn’t stop there. They claim the bank is involved in unethical practices, including money laundering with the help of senior politicians.
“I’ve seen the accounts myself,” they said. “The top executives are fully aware of what’s happening.”
It’s not just about the numbers – the insider says employees are demoralized and overworked, leading some to resort to internal fraud. “Management threatens us, tells us we’re replaceable, and then wonders why fraud cases are increasing. The work environment is toxic.”
The source also issued a stark warning to customers: “If I were a customer, I’d think twice about leaving my money here. This bank’s practices aren’t sustainable, and it’s only a matter of time before it catches up to them.”
Equity Bank has not yet addressed these serious allegations. For now, customers and stakeholders are left questioning whether the bank’s public success story is too good to be true.
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