Equity Bank fires 200 employees after audit reveals irregular payments
It is estimated that close to 2,000 employees will be let go after completion of the ongoing disciplinary process
Over 200 employees at Equity Bank have been sacked following an internal audit that revealed irregular payments made to their bank and M-Pesa accounts.
Details indicate that the employees were let go in disciplinary actions after the lender initiated investigations in December last year. Reports also indicate that senior managers and workers across various branches were issued with show cause letters in April before disciplinary hearings were conducted.
Sources within the Bank have revealed that more employees are targeted in the ongoing investigations as more than 1,400 employees are currently face disciplinary hearings following the issuance of show-cause letters.
It is estimated that close to 2,000 employees will be let go after completion of the ongoing disciplinary process.
Our source added that in the show cause letter issued to the employees, the bank explained that the employees violated various clauses in the company’s code of conduct.
“Upon a carefully analysis of your written and verbal explanations, it was established that you received amounts into your account number and/or M-Pesa number account number under circumstances that were irregular and unethical, and which involved and/or were connected to Bank customers or entities with a relationship with the Bank,” the show cause letter states in part.
“Your actions mentioned above amounted to gross misconduct and are contrary to the Group’s Code of Conduct and Work Ethics. Your actions have also undermined the trust that the Bank had in you as its employee, making your continued employment untenable,” it added.
The sacked employees are set to receive their terminal benefits unpaid salary, up to the last working day for each employee. They will also receive compensation for one one-month notice in addition to compensation for outstanding leave days.
“Please arrange to hand over all the Bank’s assets in your possession to your supervisor before you leave the Bank. In addition, ensure that you have cleared with all relevant departments and handed over the duly completed clearance form to the HR Department, after which your final dues will be payable in the next payroll run,” the letter stated.
Those affected have 14 days to appeal the decision of the lender, as they are required to provide evidence on why they should not be let go.
