Online Claims Suggest Equity Bank Has Sacked 2,000 Staff and Issued Massive Salary Hikes

Online speculation is currently swirling around Equity Bank, with unverified claims suggesting a new, massive round of terminations affecting up to 2,000 staff members. The rumors also include a sensational claim of a widespread salary overhaul, raising minimum pay to between Sh65,000 and Sh116,000.

However, as of now, neither the bank nor the regulatory bodies have provided any official confirmation regarding these December 2025 firing figures or the proposed salary hikes. The bank continues to advertise for new talent and actively promotes its internal whistleblower channels, seemingly maintaining a business-as-usual approach despite the buzz.

These fresh rumors immediately echo the highly publicised internal crackdown that dominated headlines in May 2025. That previous audit, which saw the termination of over 1,200 employees, was a direct response to a massive internal investigation uncovering a KSh 2 billion ($15.4 million) fraud loss stemming from the previous two years.

During that period, the bank’s audits revealed systemic ethical breaches, including:

• Suspicious M-Pesa Deals: Staff receiving unexplained cash deposits from customers or associates into personal mobile money wallets.
• Payroll Scams & Ghost Accounts: High-profile cases of insider fraud, including a KSh 1.5 billion payroll scam orchestrated using internal access credentials.
• Conflict of Interest: Collusion in loan processing, where staff allegedly solicited kickbacks from customers, raising the effective cost of credit and increasing default risk.

Group CEO Dr. James Mwangi adopted a stern stance then, stressing a “zero-tolerance” policy for ethical lapses. “I will be ruthless,” Mwangi was quoted as saying, highlighting the need to protect the bank’s 19 million customers and its international brand image at any cost.

While the bank argues the aggressive clean-up is necessary to embed a culture of integrity, the sheer scale of the May sackings—and the current, unconfirmed reports—have sparked major anxiety among customers. Account holders worry about the impact of such large-scale staff cuts on service delivery and operational continuity, especially given the bank’s rapid digitalisation and regional expansion.

The situation underscores a broader challenge within Kenya’s banking sector: maintaining ethical conduct and governance amid high-volume digital transactions. The public is keenly watching to see if the bank’s latest moves are part of the announced cultural transformation or if they hint at a deeper, ongoing struggle to contain insider fraud.