Following a massive digital robbery attempt targeting Equity Bank Rwanda, six Ugandan nationals have been apprehended and are scheduled to appear before a Kampala court on March 25, 2026.
This case, involving the alleged theft of approximately 49 billion Rwandan Francs ($34 million), has sent shockwaves through the East African financial sector and raised serious questions regarding the security infrastructure of Equity Group, one of the region’s banking giants.
The defendants—Mugisha Solomon, Henok Mpanga Kunige, Benedicta Kuterega, Farouk Kyambo, Gerard Obacho, and Elma Katambo—have been charged with electronic fraud under the Computer Misuse Act.
According to Kampala Metropolitan Police case documents (CRB 915/2006), the individuals allegedly committed the crime between February 15 and February 19, 2026, by “electronically gaining control” of Equity Bank Rwanda’s banking system.
This heist is distinguished from traditional bank robberies by its execution at a “system level.” Investigators state that the defendants breached the bank’s primary data infrastructure in Kigali while coordinating the fund transfers from Kampala.
Prosecutors allege that the group, which includes other accomplices still at large, used digital methods to deceive the bank in an attempt to acquire funds consistent with the “unusual transactions” identified in the bank’s internal reports.
The CEO of Equity Bank Rwanda confirmed that the suspicious activity was detected in mid-March, and immediate security measures allowed for the majority of the transactions to be reversed within 24 hours. However, the sheer scale of the attempt—49 billion Francs—makes this one of the largest cybercrimes ever recorded within the East African Community (EAC).
This incident in Rwanda is not the first for Equity Group. Similar fraudulent activities occurring across its various regional branches have raised concerns among analysts and regulators. For instance, in 2024, the bank’s Ugandan operations suffered a loss of 65 billion Ugandan shillings due to a scam involving the “Eazzy Stock” digital lending platform, where employees facilitated loans to non-existent entities. Similarly, in 2025, Equity Group made headlines in Kenya for dismissing over 1,200 employees in connection with an investigation into a $15.4 million internal fraud case.
Beyond these instances, regional challenges—including card transaction irregularities, forged titles, and internal cash management flaws—have been observed in branches ranging from Nairobi to Kinshasa.
Industry analysts suggest that Equity Bank’s primary strength—its “Financial Inclusion” model built on mobile money, agent banking, and other digital infrastructures—has inadvertently opened a wide door for cybercriminals.
