In Kenya, Equity Group Holdings (EGH) has laid off 1,200 employees after a sweeping internal investigation into suspected fraud, including misuse of personal accounts and M-Pesa wallets. EGH  CEO James Mwangi, who announced the news, noted that the probe was launched in April 2025. 

The executive emphasized that the operation, uncovered losses of 2 billion Kenyan shillings (about $15.4 million) over two years, linked to unauthorized transfers—some to offshore accounts in Abu Dhabi—and collusion between staff and fraudsters across multiple departments.

The investigation will now extend to EGH’s other subsidiaries, including EquityBCDC in the Democratic Republic of Congo (DRC), where the group controls 27% of the banking market—the largest share among its regional operations00.

The crackdown comes as EquityBCDC’s customer base in the DRC has more than doubled since 2020, reaching 1.86 million by October 2024. However, this episode could complicate EGH’s efforts to sell its 35% stake in EquityBCDC, a requirement from the Central Bank of Congo (BCC) that must be fulfilled by July 4, 2026.

The group’s decisive response to internal fraud highlights both the scale of the challenge and its commitment to restoring trust and strengthening controls across all its markets.

This article was initially published in French by Boaz Kabeya (intern)

Edited in English by Ola Schad Akinocho