Even before the dust settles over an unprecedented digital fraud in which Equity Bank Uganda, in March this year, lost UGX65 billion to a combination of internal and external fraudsters, the CEO East Africa Magazine has reliably learnt that the bank has lost yet another UGX4 billion (USD1.1 million) due to negligent failure to reconcile online purchases made using Visa-enabled Equity Bank cards. According to multiple highly placed sources at the bank, the loss was discovered around September 2024. But unlike in the first fraud, this time round, management has determined that the loss was a negligent act by officials…
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