By Kato Jamil
Equity Bank Uganda Limited (EBUL) has announced the resignation of its Managing Director, Mr. Anthony Kituuka, effective November 28, 2024. The Board of Directors has accepted Mr. Kituuka’s resignation, with a notice period to allow for a smooth transition and the appointment of a successor.
Mr. Kituuka’s journey with Equity Bank began in 2014. Over the years, he has held several leadership roles, including Executive Director from 2016 and Managing Director since November 2022.
In his parting statement, Mr. Kituuka expressed gratitude for his tenure at Equity Bank: “I am proud of the time that I have served in Equity. I want to thank the Board for their leadership, the staff, and all our stakeholders for their support. I wish them well as they purpose to be more significant and impact more lives in line with the Africa Recovery and Resilience Plan, which targets to impact 100 million customers by the year 2030.”
Chairman of the Board of Directors, Mr. Mark Ocitti, commended Mr. Kituuka’s contributions: “We are grateful to Mr. Kituuka for his dedication and trust in the brand. His leadership has left an indelible mark on Equity Bank Uganda.”
Kituuka Leaves The Bank With A Dirty Image
Alongside its impressive growth, the bank has faced challenges that have dented its reputation during Kituuka’s reign. Reports of fraudulent activities, particularly unauthorized withdrawals from customer accounts, have occasionally surfaced, raising concerns about the institution’s internal controls.
Notable Scandals
- Unauthorized Withdrawals: There have been instances of customers alleging that money disappeared from their accounts without authorization. In some cases, investigations pointed to compromised agents or staff members who exploited loopholes in the bank’s systems.
- Cybersecurity Concerns: Equity Bank Uganda has also faced issues related to cybersecurity, with some customers falling victim to scams linked to insufficient security measures in digital platforms.
- Legal Disputes: The bank has been entangled in disputes over the management of certain customer accounts, including allegations of negligence in handling customer complaints about fraud.
Equity Bank Uganda is a 100% owned subsidiary of Equity Group Holdings Plc, a Pan-African financial services giant with operations in seven countries. The Group serves 22 million customers with an asset base of USD 14 billion and a robust digital banking ecosystem.
As the search for a new Managing Director begins, Equity Bank Uganda faces the dual challenge of maintaining its growth trajectory while addressing legacy issues related to customer trust and system integrity.
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