Safaricom Fires 113 Employees in Record Fraud Crackdown
Safaricom dismissed 113 employees for fraud, part of a sector-wide crackdown on insider threats in Kenya's digital finance industry...
✨ Key Highlights
Safaricom, Kenya’s largest telecommunications company, fired 113 employees in its fiscal year ending March 2024 due to fraud-related offenses, marking a 242.4% increase from the previous year. This crackdown highlights escalating internal fraud, particularly in mobile money and SIM services.
Safaricom dismissed 113 employees for fraud, a 242.4% increase from 33 in the prior year.
The dismissals address sophisticated fraud schemes, including SIM-swap fraud, policy breaches, identity theft, and asset misappropriation.
Safaricom implemented enhanced detection systems, expanded its whistleblowing policy, and intensified customer education to combat rising internal and external threats.
This trend is part of a broader challenge in Kenya’s financial sector, with KCB Group dismissing 34 employees and Equity Group terminating over 1,200 staff for fraud in 2024.
Despite challenges, Safaricom has reduced external SIM-swap fraud to just 40 cases per 750,000 SIM swaps, a fraud rate of approximately 0.005%.
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