The Equity BCDC inter-union has accused the bank of preparing a large-scale, disguised layoff, set to affect nearly 460 employees, which is about 27% of its total workforce at the end of 2023. This accusation appears in a letter dated June 17, 2025, addressed to the Minister of Labor, Ephraim Akwakwa Nametu.

The dispute began after an internal communication on June 6 stated that the parent company, Kenya-based Equity Group Holdings (EGH), suspects these employees of fraud following an internal investigation.

The bank’s management plans to launch a "rigorous and exemplary" disciplinary process, citing a zero-tolerance policy on fraud. However, the unions claim the bank ignored repeated requests for key information—such as the code of conduct, the full list of accused employees, the investigation period, and the alleged fraud amount—before taking action.

Despite receiving no clear answers, the bank reportedly sent explanation requests to the targeted employees starting June 10. In a June 12 letter to Equity BCDC, the inter-union condemned the bank’s "hasty" and "war-like" tactics. This is why the unions are appealing to the Minister of Labor to prevent what they consider to be a purge operation.

Rising Social Tensions

Since January 30, 2025, Equity BCDC and its staff have been in conciliation talks led by the General Labor Inspectorate. This mediation follows the bank’s failure to implement a protocol agreement signed on November 20, 2024, which included retroactive salary alignment from November 1 and the finalization of job classifications.

Unions argue the ongoing disciplinary drive is a maneuver to dodge these social commitments. Equity BCDC’s leadership has not publicly responded in the Democratic Republic of Congo. Earlier in June, Equity Group CEO James Mwangi announced a broad internal probe across subsidiaries after losses of roughly 2 billion Kenyan shillings (about $15.4 million) over two years. The losses allegedly stem from internal fraud involving offshore accounts and M-Pesa wallets.

In May 2025, the group notified 1,200 employees in Kenya of their dismissal as part of similar "purges", giving them 48 hours to prove their innocence. Those who failed faced immediate termination with minimal severance—salary up to the last day, one month’s notice pay, and unused leave compensation minus any debts.

This article was initially published in French by Timothée Manoke 

Edited in English by Ange Jason Quenum