Kenneth Onyango Archives – CEO East Africa

Meet Godfrey Kamau and Gift Shoko, the two men sent by Equity Group to sanitise and stabilise the rocky Equity Bank Uganda ship

Muhereza KyamuteteraBusiness & Markets Company News The Big StoryDecember 19, 2024December 19, 2024

Since Equity Bank Uganda discovered a UGX65 billion (approximately USD 18 million) digital fraud, the bank has been in the eye of the storm, causing a whirlwind of losses, staff exits, and reputation damage. Not only did it slide from profit to loss—from a profit of UGX45.8 billion in 2022 to a loss of UGX18 billion in 2023—but the fraud, coupled with a growing non-performing loans book that more than doubled from UGX90.7 billion in 2022 to UGX191.2 billion in 2023, began to rock the Equity Bank ship in Uganda. Losses aside, the period of instability and necessary purging that…

This Is Premium Content. Subscribe And Save On Unlimited Access With Our Best Offers!

Equity Bank’s Executive Director, Commercial Banking, Kenneth Onyango steps down, as the bank investigates digital lending fraud

CEO East Africa MagazineCompany News The Big StoryMarch 7, 2024March 8, 2024

Kenneth Onyango, the Equity Bank Executive Director of Commercial Banking, has stepped down. He has been with the bank for nearly 8 years serving as Head of Risk, Head of Operations and Head of Business, before being elevated to head Commercial Bank as an Executive Director. His resignation takes place around the same time the bank has admitted to possible digital lending fraud. A couple of other bank staff are also being investigated over the matter. According to our sources, we understand up to UGX65 billion was lent out to undeserving clients who either didn’t qualify or did not put…

This Is Premium Content. Subscribe And Save On Unlimited Access With Our Best Offers!

Subtotal	UShs0
Shipping	UShs0
Tax	UShs0
Total	UShs0