Equity Bank Names Moses Nyabanda as Acting Managing Director

Equity Bank (Kenya) Limited has announced the appointment of Moses Okoth Nyabanda as its Acting Managing Director, following the early retirement of Gerald Warui. Nyabanda, currently serving as the Group Chief Finance & Strategy Execution Officer at Equity Group Holdings Plc, steps into the role pending approval from the Central Bank of Kenya.

About Moses Nyabanda

Nyabanda’s credentials are solid. Before joining Equity, he was the Managing Director and Country Senior Partner for PricewaterhouseCoopers (PwC) in Rwanda. His tenure at PwC was marked by a focus on operational efficiency, digital transformation, and innovation, impacting businesses and governments across Kenya, Rwanda, Uganda, and the United Kingdom. His experience positions him well to navigate Equity Bank through its current challenges.

At Equity Group, Nyabanda has been a key player in the executive team, known for his disciplined approach to leadership and his commitment to the Group’s corporate strategies. His role in steering Equity Bank Kenya towards sustainable growth and profitability will be crucial as the bank faces heightened scrutiny.

Warui, who has led the bank for several years, is stepping down after a career that saw him manage key functions such as operations, customer service, and human resources.

The Group reported an asset base of KES 1.746 billion (USD 13.51 billion) as of June 30, 2024. It boasts KES 1.299.5 billion in customer deposits and has established itself as the second strongest financial brand globally, according to Brand Finance.

Ongoing Investigations on Equity Bank Insider Heist of KES 1.5 Billion:

However, Nyabanda’s appointment comes as Equity Bank is embroiled in a significant financial scandal. The Banking Fraud Unit is investigating a case in which the bank lost KES 1.5 billion in what appears to be an insider job. The funds, earmarked for employee salaries, were siphoned off in 47 transactions across multiple bank accounts, with no matching credits on Equity’s ledger.

The fraud was detected through the bank’s internal controls, leading to the arrest of David Machiri Kimani, a manager at Equity, and his father, Joseph Kimani Machiri. Investigators suspect the elder Kimani, a founding member of the Murang’a county assembly, was complicit in the heist. This is just the latest in a series of security breaches for the bank, which earlier this year lost US$ 2 million in a debit card fraud scheme and faced a $16 million fraud case in Uganda.