Equity Bank Rwanda is reportedly at the center of a large financial fraud investigation after an alleged Rwf85 billion scheme involving hundreds of mobile money transactions surfaced in recent weeks, according to sources familiar with the probe.
Investigators say the suspected fraud involved about 500 transactions and was executed internally, with the majority of the transfers routed through mobile money accounts.
The structure of the transactions allowed funds to move rapidly across multiple recipients before irregularities were detected.
Authorities have since detained dozens of suspects, including individuals who allegedly received the funds and agents suspected of facilitating the transfers. Several others have reportedly been released after investigators failed to secure evidence admissible in court.
Neither the Rwanda Investigation Bureau nor Equity Bank Rwanda had issued an official statement about the incident by press time.
Emails and text messages sent to both institutions seeking clarification went unanswered.
The alleged fraud comes as Equity Bank has previously faced similar incidents linked to system glitches, digital transaction vulnerabilities and internal fraud across the wider Equity Group network.
In earlier cases in Rwanda, authorities arrested several suspects connected to attempted cyber fraud targeting Equity Bank systems.
Some individuals are still held after investigators determined they had allegedly attempted unauthorized access to bank accounts to divert funds.
Cybercrime targeting financial institutions has been increasing across East Africa, with banks reporting rising cases of digital fraud linked to mobile money channels and online banking systems.
Mobile money platforms allow rapid transfers between accounts and are commonly used by fraud networks to disperse funds across multiple recipients within minutes.
This structure can complicate detection when large volumes of small or medium transactions occur simultaneously.
Equity Bank Rwanda has expanded significantly in recent years and operates one of the largest banking networks in the country.
The bank maintains dozens of branches and thousands of banking agents nationwide, allowing customers to conduct transactions through both traditional banking services and mobile platforms.
Industry analysts say that rapid digital expansion can increase operational risks if internal monitoring systems do not evolve at the same pace as transaction volumes.
Financial sector experts note that large fraud schemes often rely on a combination of system vulnerabilities, compromised internal access and rapid dispersal of funds through mobile payment networks.
The alleged Rwf85 billion case highlights the potential exposure of banks operating in highly digitized financial environments.
As digital banking and mobile payments become dominant in the region, financial institutions face increasing pressure to strengthen transaction monitoring, internal controls and cybersecurity infrastructure.
Authorities have not disclosed the exact technical mechanism used in the suspected fraud or whether the scheme involved internal manipulation of banking systems, compromised credentials or organized fraud networks.
Investigations are ongoing and the full scale of the incident remains unclear.
The outcome of the investigation is likely to draw renewed attention to the security of Rwanda’s rapidly expanding digital financial ecosystem and the resilience of banking institutions operating within it.
