NAIROBI, Kenya – Equity Bank has sacked more than 1,200 employees in what is shaping up to be one of the largest mass dismissals in Kenya’s banking history, following an internal investigation into suspicious transactions involving staff.
The bank, led by long-serving CEO Dr. James Mwangi, began issuing termination letters on Wednesday, targeting employees implicated in questionable financial activity linked to both M-Pesa and Equity accounts.
According to Dr. Mwangi the dismissals were necessary to safeguard customer trust and the integrity of the institution.
“We will be ruthless with anyone who displays a conflict of interest or engages in activities that put the bank at risk,” he said.
The purge follows a sweeping audit launched on April 14, 2025, which scrutinised irregular money movements across various departments and branches.
The audit, insiders say, flagged inconsistencies and possible abuse of position among junior tellers, branch officers, and some mid-level managers.
The bank says the clean-up is part of a broader effort to tighten internal controls and root out fraud.
However, the speed and scale of the firings have sparked criticism and concern within the institution.
Some affected employees claim the process was unfair and rushed.
Several say they were dismissed despite presenting documentation to explain the flagged transactions, and without being given adequate time to defend themselves.
The dismissals have also stirred speculation about possible hidden motives behind the purge.
Some insiders allege that the move could be clearing the way for new hires from training programmes closely linked to the bank’s leadership, though the institution has not addressed these claims.
Equity, one of the region’s largest lenders, now faces mounting pressure to explain the transparency and fairness of the audit process.
Critics warn that without clear communication on the rationale behind each dismissal, the bank could face reputational damage.
With over 1,400 workers reportedly affected since the clean-up began in early May, departments across the bank are said to be stretched thin.
Staff describe a tense working environment, with remaining employees unsure who might be next.
Equity Bank has yet to issue a detailed public statement on the audit findings or provide a breakdown of the departments most affected.
