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Here’s Why You Should Avoid Banking With Equity

“Fraudsters just got to my mum and managed to clear all the money in her Equity account? All of it. She registered for Equitel yesterday. What’s this fam, my mum’s a Widow, that’s all the money she had for my brother’s school fees.” a Kenyan in distress writes on popular social media platform Twitter.

His mother’s bank account has just been emptied. His brother’s education now lies in limbo, “How did a number she registered yesterday end up in the hands of fraudsters on the same exact day? Does the bank have customer data protection?” He poses.

“My mum is now crying,” The man only identified as Xysist writes. “They stole all the money my dad left her to pay for school fees and upkeep, what is she supposed to do now?”

While Equity Bank has asked for details to investigate, it is no secret that trusting them with your money could be one of the worst mistakes you will ever make. Immediately after the first complaint, multiple reports by customers over missing cash from their accounts flood their customer care social media.

This is not the first the Bank is on the spot for allegations of losing money that its customers have entrusted them with.
In September 2019, in an almost identical case, one Kendi Gichobi took to Twitter to complain after the money she had placed in her account was withdrawn without her knowledge. In the post, she furiously accused the bank of not assisting her for a whole month and even blocking her calls.

Users who have gone through the same ordeal claim the rampant thefts are inside jobs, the theft often occurs after customers are recommended to open Equitel accounts. They are presented with a mobile banking Simcard which offers direct withdrawal access to the bank accounts. These lines aren’t safe. Often a day or two after getting the line, the accounts are emptied with the audacious thieves even taking out loans and leaving overdrafts.

However, there is still hope. Lodging a statement at Central Bank of Kenya’s Banking Fraud Unit at Extelcoms House may help customers who have already suffered at the hands of the incompetent bank recover their hard-earned money.


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