Equity Bank Rwanda has moved swiftly to contain an attempted fraud after its internal monitoring systems flagged irregular transactions, triggering a multi-agency investigation that has already seen dozens of suspects detained across the region.
In a statement issued on March 15, the lender said it activated its security and incident response protocols immediately after detecting the anomaly, working closely with authorities to ring-fence affected accounts. The bank confirmed that the majority of suspicious transactions were reversed within 24 hours, maintaining that no customer funds were ultimately lost.
“We acted swiftly to protect our customers and ensure the integrity of their accounts,” the bank said, adding that operations remain normal and all deposits are secure.
The investigation is being led by the Rwanda Investigation Bureau, in coordination with the National Bank of Rwanda. Authorities are examining transaction flows, server logs and electronic devices to establish the scope and methods behind the attempted breach.
According to officials in Kigali, 35 individuals have been detained in connection with the case, including six suspects in Uganda. Two IT personnel from the bank are among those being held, although investigators have not yet determined their level of involvement.
Local media reports estimate the total value linked to the suspected fraud at approximately Rwf 4.7 billion, with about Rwf 1.2 billion already recovered. Preliminary findings suggest that perpetrators may have exploited bulk float purchases through SIM cards—some registered outside Rwanda—to accelerate fund movements beyond conventional bank-to-wallet limits.
The incident highlights the growing cybersecurity and fraud risks facing financial institutions across Africa, particularly as digital banking and mobile money ecosystems expand rapidly.
Parent company Equity Group Holdings has in recent years stepped up anti-fraud measures across its regional footprint, which spans Kenya, Uganda, Tanzania, South Sudan and the Democratic Republic of Congo.
In Kenya, the group undertook a sweeping internal crackdown in 2025, dismissing more than 1,200 employees over payroll and mobile money irregularities that led to losses exceeding KSh 2 billion. In Uganda, the bank has also dealt with cases involving former staff accused of diverting unsecured loans worth approximately UShs62 billion.
Equity Bank Rwanda said it maintains a zero-tolerance approach to financial crime and continues to strengthen its cybersecurity infrastructure, transaction monitoring systems and internal controls. The lender also urged stakeholders to report suspected misconduct through its whistleblowing platform.
“Cyber threats remain a global challenge affecting financial institutions worldwide,” the bank noted, reaffirming its commitment to transparency as investigations continue.