Exposed,Former KCB Group Managing Director Joshua Oigara appointment to Stanbic Bank leads the bank to its knees, signs shows the bank is collapsing

There was drama and confusion after Stanbic bank Kenya quickly shut down its online and mobile banking systems, locking customers out of their accounts after hackers knocked down their systems.

These caused even more trouble to the bank  customers who had planned to transact their cash that very day  and they could not access their accounts and were inconvenienced

This ironically happened Less than four months after former KCB Group Managing Director Joshua Oigara was appointed as the Chief Executive Officer at Stanbic Bank Kenya and South Sudan, the bank he now heads was a target of fraudsters who hacked the system on Monday the 30th of January 2023. Stanbic Bank customers in Kenya woke up to unexplained deposits on their M-Pesa accounts with some clients receiving up to Ksh. 50,000. What followed next was a rush to check on their bank balances.

 

According to our local sources, clients could not access their bank accounts, online or even through their M-Pesa platforms as hackers had allegedly blocked all transactions. This caused widespread panic among customers who wondered what was happening to their hard-earned money. Sources say that the hackers had failed to withdraw the money they had deposited from the clients’ accounts to their respective M-Pesa accounts.

A statement from the bank released on Monday
Once the services were restored later in the day, customers made panic withdrawals fearing that the bank was a target of fraudsters. Our source adds that the hackers may one day succeed in their efforts, which is why some clients wanted to withdraw all their money from their respective accounts.

An insider in the bank told The Weekly Vision that it was a sad day for the bank as they only transacted withdrawals but very few deposits. The bank in a quick rejoinder later in the day released a statement, saying that the incident was under investigation and that they were taking all necessary steps to ensure the safety of their customers’ data.

However, they did not mention the safety of customer deposits or the missing millions from accounts, leaving many customers in the dark. The bank admitted that the incident was caused by “disruptions” in their IT systems, but gave no details. Despite being assured that their data is safe, many are still concerned about the fate of their money. The Monday incident is the latest in a wave of complaints targeting the bank.

Some customers have also reported that most of its ATMs in the city, from Galleria to Valley Arcade to Hurlingham, do not have enough cash. This has further worsened their frustration and anxiety about the status of their funds at the bank. The lender was once highly regarded for its services, but any more it seems.


Later in the day, Stanbic Bank Kenya quickly shut down its online and mobile banking systems, locking customers out of their accounts. Stanbic customers who had planned to transact that day could not access their accounts and were inconvenienced.

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