The management of Centenary Bank Uganda has admitted complicity of their employees in collusion with a fraudulent individual, resulting in the withdrawal of a client’s savings exceeding Shs100m.
In their statement dated October 18, Centenary Bank revealed that their staff and the suspected fraudster collaborated to initiate a PIN reset on a customer’s account, enabling transactions at the bank and subsequent withdrawal of funds.
A segment of the public statement released on the bank’s Twitter handle read, “The staff involved has faced disciplinary action in accordance with our stringent anti-fraud policy.” The statement also mentioned that the matter had been reported to the police, who were handling the case.
The bank has refunded the affected client and is pursuing other avenues to recover the misappropriated funds. They urged customers to promptly report any suspicious transactions or messages on their accounts or phones for verification.
Additionally, the Catholic-founded bank reiterated its commitment to safeguarding its customers’ funds and maintaining a zero-tolerance stance on fraudulent activities. Customers were advised to contact the bank before authorizing any requests regarding their account information.
Recently, a video went viral on social media depicting a woman lamenting the alleged theft from her Centenary Bank account, prompting the bank to launch an investigation, which concluded today.
Last week, a similar accusation surfaced regarding Equity Bank, where a customer claimed to have lost Shs10m through fraudulent means. Although Equity Bank management did not disclose specifics about the incident due to client confidentiality, they emphasized the importance of reporting the loss of one’s phone to the bank immediately.
While it remains unclear how the allegations against Equity Bank were addressed, the bank’s management acknowledged their engagement and support for the affected customer and relevant authorities to resolve the issue.
Centenary Bank’s prompt response has sparked a diverse reaction from social media users, with some commending the institution and others expressing concerns about the credibility of financial institutions in Uganda, often linked to what some term as ‘syndicated scandals’.