A sweeping cyber-fraud scandal at Equity Bank Rwanda has triggered one of East Africa’s most aggressive digital crime crackdowns. Investigators have detained 35 suspects, including six in Uganda, as authorities race to dismantle a sophisticated network that siphoned millions through suspected system vulnerabilities.
At the centre of the probe, led by the Rwanda Investigation Bureau, is a complex scheme that exploited digital banking channels and mobile money “float” mechanisms to move approximately $3.4 million (Rwf4.7 billion). While roughly $900 000 (Rwf1.2 billion) has been recovered, the majority remains missing, underscoring the depth and speed of the breach.
Equity Bank Rwanda said its internal monitoring systems detected unusual transaction patterns, triggering immediate containment protocols. Most transactions were reversed within 24 hours, but forensic teams are now combing through servers, system logs and seized devices to trace how the attackers gained access.
The bank’s Group CEO James Mwnagi struck a hardline tone as the investigation deepened.
“We have zero tolerance for financial crime. I will be ruthless in ensuring that everyone involved, whether internal or external, is brought to justice,” he said. Mwangi added that the bank is working “around the clock with law enforcement and regulators to identify, track and prosecute the perpetrators.”
Investigators suspect the attackers may have exploited a vendor-managed digital banking platform and weaknesses in mobile money float purchases, where unusually large values were loaded onto SIM cards, some reportedly unregistered or foreign-linked. Authorities are now analysing access logs to determine who entered the system, when, and what actions were executed.
The arrests extend beyond Rwanda’s borders, highlighting the growing cross-border nature of cybercrime in Africa’s fast-expanding digital finance ecosystem. Ugandan authorities are collaborating on the case, with digital evidence being extracted from suspects’ devices.
The incident mirrors a pattern seen across the region. In Kenya, banks and telecom operators have faced repeated SIM-swap and mobile money fraud attacks, prompting tighter Know-Your-Customer rules and real-time transaction monitoring. Rwanda itself has experienced a rise in digital fraud attempts in recent years.
In response, Kigali has stepped up cybersecurity investments, strengthening regulatory oversight through the National Bank of Rwanda, expanding digital forensic capabilities, and promoting public-private partnerships to secure financial infrastructure.
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