Equity Bank Cleaning its structure and systems off thugs

[gout]

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The thugs have caused lots pain to customers.

Equity has given the 1,200 employees a two-day ultimatum that ends today to prove their innocence or exit.

This will mark the latest batch to exit due to integrity calls after Equity sacked 287 workers this month having audited the financial dealings of 708 staff, including top managers.

Mr Mwangi said the staff conduct audit was triggered by customer “whispers of concern” over the integrity of Equity’s workers and the multi-billion shilling fraud cases that hit the group in Kenya, Uganda and Tanzania.

Equity hired a top law firm and audit consultancy for the stealth integrity checks, which have unearthed practices such as some staff receiving money from customers to approve loan requests.

Others have been soliciting money from customers to bank their deposits at preferential rates, according to Mr Mwangi.

In the first cycle, when Equity sent letters to 108 employees to explain the transactions that had been flagged, 40 are said to have opted to resign without putting in a defence while 42 failed to prove the innocence of their financial dealings with customers.

“If you gave a loan and the first transaction from the loan money is to your account, you won’t even want to come before the panel,” said Mr Mwangi.

“If you sold foreign currency to a customer at a lower rate and then there is a transaction from the customer to your account, we can see what you did. If a customer placed a deposit at 12 percent when rates were eight percent then some transaction followed, we can also see.”

https://www.businessdailyafrica.com/bd/corporate/companies/equity-issues-sack-notices-to-1-200-staff-in-a-single-day-5062320

[patel]

Why would anybody bank in such a bank?  1200 employees is a very huge number that tells me everyone in Equity is tainted.

[RV Pundit]

He should be doing this annually - if you're arent doing it - then your customers are getting hit and soon the bank too.

Safaricom the same

[Githunguri]

Why does it not happen at ABSA?NCBA?STANCHART?The employees there mostly loan officers are paid 120K + and annual bonus of even 1MN.

At Equity your salary is 50K BUT you give loans of 50MN per year after working for many hours and getting threatened.After that Mwangi makes billions in profits,that will only lead you to steal.The branch manager salary at Equity after working for many years is not even 120K.

So the first order of business at Equity is a cartel between the Branch manager credit manager and loan officers who are the loan committee panel in every branch is to give fake loans to defaulting clients and make money through valuation and lawyer fees.1200 employees tells you its a national problem at Equity the same problem is in family and other banks run by greedy mother fuckers.

As for banking tellers,the game is to partner with police officers to hunt down customers who transact large amounts of money.The IT guys partner with senior managers to siphon money with protection of senior officers and police.

Mwangi needs to properly pay his employees.His employees view him as a thug too.If i can give fake loans and make 15MN in 4 years,Why should i work for Mwangi for 20 years to earn 50 or 70k before taxes and expenses.Thats stupid.

[RV Pundit]

Excellent point. Under pay - lower risk reward of stealing

Why does it not happen at ABSA?NCBA?STANCHART?The employees there mostly loan officers are paid 120K + and annual bonus of even 1MN.

At Equity your salary is 50K BUT you give loans of 50MN per year after working for many hours and getting threatened.After that Mwangi makes billions in profits,that will only lead you to steal.The branch manager salary at Equity after working for many years is not even 120K.

So the first order of business at Equity is a cartel between the Branch manager credit manager and loan officers who are the loan committee panel in every branch is to give fake loans to defaulting clients and make money through valuation and lawyer fees.1200 employees tells you its a national problem at Equity the same problem is in family and other banks run by greedy mother fuckers.

As for banking tellers,the game is to partner with police officers to hunt down customers who transact large amounts of money.The IT guys partner with senior managers to siphon money with protection of senior officers and police.

Mwangi needs to properly pay his employees.His employees view him as a thug too.If i can give fake loans and make 15MN in 4 years,Why should i work for Mwangi for 20 years to earn 50 or 70k before taxes and expenses.Thats stupid.

[RV Heavy Hitter!]

Equity bank is taking the right steps. Banking with equity was as risky as swimming in shark-infested waters. Money was being transferred from customers' accounts all the time. If it wasn't for this rampant scam, there was a point years back that Equity would have easily eclipsed MPESA. With banks anywhere, you have to watch your statements with a fine-tooth comb, especially if you are dealing with large sums monthly. Bank of America here has been sued and made to pay 75 million, 66 million, 250 million dollars, and so much more over the years, but they still eat customers with overdrafts and stupid fees. Equity stole billions from Kenyans, but since there is no robust government agency to audit them, they are getting off scot-free. I believe Mwangi and the top Honchos in management are part of the scam. This is just a pr to fool the public!

[Githunguri]

Equity bank is taking the right steps. Banking with equity was as risky as swimming in shark-infested waters. Money was being transferred from customers' accounts all the time. If it wasn't for this rampant scam, there was a point years back that Equity would have easily eclipsed MPESA. With banks anywhere, you have to watch your statements with a fine-tooth comb, especially if you are dealing with large sums monthly. Bank of America here has been sued and made to pay 75 million, 66 million, 250 million dollars, and so much more over the years, but they still eat customers with overdrafts and stupid fees. Equity stole billions from Kenyans, but since there is no robust government agency to audit them, they are getting off scot-free. I believe Mwangi and the top Honchos in management are part of the scam. This is just a pr to fool the public!

Precisely.

Mwangi is not honest.Remember his background tells us he was one of the managers in Trade bank which Moi & Biwott used to steal from people and it collapsed.Of course he can get away with anything.

How can it take auditors and years of thuggery for a 60 year old bank executive to discover fraud?

You just need 20 minutes to smoke fraud in a branch.Loans issued,non performing loan rate,who issued the loan?crime rates associated with that particular branch.such things.

With a small team of 10 form 4 drop outs at the ceo office,you can see fraud.

He is complicit i think,the bank is about to collapse and he wants to wash his hands.

[Kadudu]

He never was. He was one of the persons that looted Trade Bank. The law in Kenya states that a person that oversees a bank that goes under is not allowed to lead another bank. He should never have been allowed to run Equity in the first place. Also the law those days limited the % a single person could own in a bank I think it was 5%. Mwangi evaded this by including his cooks, shambaboys, drivers, secretaries as owners of the bank. It was Amos Kimunya as finance minister who changed the law extra to help Mwangi.

Mwangi is not honest.Remember his background tells us he was one of the managers in Trade bank which Moi & Biwott used to steal from people and it collapsed.Of course he can get away with anything.

How can it take auditors and years of thuggery for a 60 year old bank executive to discover fraud?

You just need 20 minutes to smoke fraud in a branch.Loans issued,non performing loan rate,who issued the loan?crime rates associated with that particular branch.such things.

With a small team of 10 form 4 drop outs at the ceo office,you can see fraud.

He is complicit i think,the bank is about to collapse and he wants to wash his hands.

[gout]

The mafia bosses have hits on lower cadre thieves and pickpockets. It is business!

[Njuri Ncheke]

Banking nowadays is just a cesspool like teaching back in 90s if yoh were a banker you were in paradise everyone feared you,but nowadays i see some of my bankers chewing Jaba in there free time around town,again bankers dont have a life.