A whistleblower has sounded the alarm over what is alleged to be a coordinated, unregulated cross-border lending and money laundering scheme involving Equity Bank Uganda, Azima Financial Services Limited, and Jabo & Company Advocates.
The explosive revelations were contained in a letter addressed to the Buganda Road Chief Magistrate’s Court by Namale Jovia, a professional accountant and friend to a former Azima insider.
Namale alleges that Azima Financial Services has been using personal and corporate accounts at Equity Bank to disburse international micro-loans, bypassing regulatory oversight by the Bank of Uganda (BoU).
The transactions, according to the letter, were routed through accounts linked to John Jabo—brother to Henry Jabo of Jabo & Co. Advocates—who is also allegedly entangled in drafting exploitative loan agreements while holding a senior position at Salaam Bank Uganda.
The letter raises four key concerns: undisclosed financial conflicts of interest, a call for judicial transparency, a demand for anti-money laundering investigations by the Financial Intelligence Authority (FIA), and a full audit of Equity Bank’s compliance in cross-border lending.
It further claims that Azima deliberately files its debt recovery cases at Buganda Road Court, leveraging proximity and legal influence to enforce questionable loan agreements against vulnerable borrowers.
Borrowers are reportedly coerced into using specific third-party accounts at Equity Bank, undermining financial traceability and shielding the transactions from scrutiny.
“This court is unintentionally aiding a financial exploitation network,” the letter reads, demanding immediate regulatory and judicial intervention.
The BoU, FIA, and Uganda’s Judiciary are yet to respond officially to the allegations. If proven, the claims could trigger one of the most significant financial investigations into Uganda’s microfinance and legal sectors in recent years.