Equity Bank has suspended its instant loan service, EazzyLoan, offered through online platforms without prior notice, leaving customers stranded and unhappy. Some customers who had repaid their loans in anticipation of renewal have been affected. The bank is investigating a possible breach and system compromise by suspected fraudsters. There have been previous cases of customers losing money through the bank’s online platforms.
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Kenya: Equity Bank to take over Spire Bank
Equity Bank Kenya will acquire certain assets and liabilities of Spire Bank Limited, after getting approvals from the Central Bank of Kenya and National Treasury. The acquisition will offer a lifeline to the struggling lender and will acquire 20k depositors and 3,700 loan customers. Spire Bank has been struggling with defaulting on all Central Bank of Kenya ratios and posted a Sh403 million net loss in H1 2022.
Categories: Banks