By Our Reporter
Equity Bank Uganda Limited has announced that it has launched investigations into suspected fraud on stock loan and agent float financing. ‘Stock Financing’ is a credit product to support entrepreneurs, small and medium-sized enterprises (SMEs), and large businesses across various sectors with working capital for growth and expansion while ‘Agency float financing’ is a loan product to support Equi Duuka Agents with float to continue running their agency businesses.
“We regret to inform you that we have recently identified a possible fraud on our Stock Loan and Agent financing products,” the Bank said in a statement released on Thursday. “People of interest, including a few of our staff and customers, are currently assisting with investigations by the relevant law enforcement authorities.”
“We hold ourselves to the highest standards of accountability and transparency, and the person/s found to be responsible, whether through fraud or errors of commission or omission will be fully addressed by the policies, procedures, and ethical values of the organisation and, where appropriate, the laws of the country.” The statement added.
The Bank has continued to expand its footprint and currently has a network of 50 branches, over 9,000 Equi Duuka agents and 58 ATMs spread across the country and serving over 2 million customers.
Despite this investigation, customers will continue to access loans across all branches countrywide and banking channels uninterrupted.
“The Board of Directors and management are committed to resolving and concluding this matter, and we continue to focus on our purpose of transforming lives, giving dignity and expanding opportunities for wealth creation.” The statement concluded.