Equity Bank has sacked over 200 employees following an internal audit that was undertaken in the company over irregular payments made to the workers' bank and M-Pesa accounts.
The workers were let go after the bank initiated disciplinary action following investigations that were initiated in December 2024.
As a result, the employees, who include senior managers and workers across various branches, were issued with show cause letters in April before disciplinary hearings were conducted.
An insider confirmed to Nairobileo.co.ke on Thursday, May 22, that more employees were being targeted following the recent review.
More than 1,400 employees are currently facing disciplinary hearings following the issuance of show-cause letters.
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It is estimated that close to 2,000 employees will be let go after completion of the ongoing disciplinary process.
According to a dismissal letter seen by Nairobileo.co.ke, 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," read the letter 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."
As part of the company policies, the sacked employees will 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," read the letter in part.
"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 affected employees were also informed that they would be given 14 days to appeal the decision.
Employees are expected to provide the company with evidence on why they should not be let go in the appeal.
