List Of 5 Top Kenyan Professionals Equity Bank Has Hired To Deal With Fraud

• Equity Bank Group has been suffering from various cases of fraud, leading to the loss of customers' savings
• The recent one was reported in April 2024, where the lender lost close to KSh 290 million through massive debt fraud
• The group's managing director and CEO James Mwangi said Equity is a leading global brand, and the cases of fraud need to stop
• Mwangi introduced a team of strategists employed by the bank to curb cybersecurity threats and fraud

TUKO.co.ke journalist Wycliffe Musalia brings over five years of experience in financial, business, and technology reporting, offering deep insights into Kenyan and global economic trends.

Equity Bank Group has vowed to fight fraud after bouncing back in profit during the first quarter of 2024.

The group's managing director and CEO, James Mwangi, acknowledged Equity Bank's global ranking as the top lender.

How Equity Bank is fighting fraud

Speaking during the investors briefing on Monday, May 13, Mwangi said the cases of fraud have been tainting the bank's image and should stop.

The CEO assured that the bank had embarked on hiring a strong team to deal with the menace.

"We have a beautiful ranking globally, and our internal control environment must match that. It has been embarrassing seeing our customers being socio-engineered and losing money. We have told them they must find a solution," the CEO said.

Mwangi explained that the company has strengthened its management bench to ensure an internal control environment.

"For the first time, we have appointed the group chief financial officer (CFO) to maintain and assist it grow," he said.

Below is the list of internal control officers to strategies on cyber security at Equity Bank:

1. Moses Nyabanda

Mose Nyabanda is the new chief financial officer (CFO) at Equity Bank.

Nyabanda joined Equity from Price Waterhouse Coopers (PWC), where he worked as the managing partner for Rwanda and the region.

"I am glad to join the group in the capacity of CFO. I spent my last 23 years honing my skills at Price Waterhouse Coopers (PWC). That has taken me to various markets: Kenya, the UK as well as Rwanda, where I was last stationed," he said during the investor briefing.

2. Beth Kithinji

Beth Githinji is a member of the team selected by Equity Bank to strengthen internal controls.

Githinji joined Equity in February 2024 from the Central Bank of Kenya (CBK), where she worked as the director of internal audit and risk.

"I joined CBK as the advisor to the then-governor. I also worked at KPMG for about 16 years, both in Kenya, the UK, and across Africa," she said, appreciating the opportunity at Equity.

She served as an external audit, transformation projects, head of quality and risk management and IFRS expert for East Africa.

3. Sam Kirubi

Sam Kirubi joined the lender's commercial arm as the Group's chief operating officer (COO).

Before his promotion, Kirubi served as Managing Director and Director at Equity Bank Uganda Ltd., Managing Director at Equity Bank Rwanda Ltd. and Chief Operations Officer for Equity Bank (South Sudan) Ltd.

4. Brent Malahay

Brent Malahay joined Equity Babk's commercial arm as director strategy, strategic partnership, collaborations and investor relations.

Malahay has over 16 years of experience in financial services with competencies ranging from commercial banking, credit ratings, investment banking and fund management.

He has previously worked at Standard Bank, Fitch Ratings, J.P. Morgan and Investec Asset Management.

5. Angela Okinda

Angela Okinda is the managing director at Equity Life Assurance (Kenya) Limited.

Akinda joined the lender in 2021 and helped steer the life assurance wing.

How Okinda steered Equity Life Assurance

Equity Group Ltd received a regulatory nod from the Insurance Regulatory Authority (IRA) to set up a general insurance company.

The group reported outstanding performance in 2022 after IRA allowed it to operate Equity Life Assurance Kenya (ELAK).

ELAK recorded KSh 281 million in profit after tax after issuing over 4.1 million life policies to customers.

Equity Bank fraud cases

Equity Bank Group has been hit by fraud cases, leading to the loss of customers' savings.

In April 2024, reports indicated that the lender lost close to KSh 290 million belonging to customers.

The suspects fleeced the bank of millions through a massive debit fraud undertaken between April 9 and April 15.

What to know about bank fraud

• Banking fraud cases in Kenya have increased over the past years following the emergence of digital banking.
• Safaricom PLC and Equity Bank assured customers of their account security amid rising concerns about mobile banking security.

Proofreading by Otukho Jackson, a multimedia journalist and copy editor at TUKO.co.ke