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Equity Bank has warned Kenyans against fake online adverts for a “Quantum AI” investment scheme that falsely uses the names of Equity Group CEO James Mwangi and Safaricom CEO Peter Ndegwa. The ads promise returns of KSh3.6 million a month for an initial deposit of about KSh32,000, Tuko reported on October 29, 2026. The bank says it has no link to the promotion.
How the Quantum AI scam works
- Ads on social media show a building with “Quantum AI” branding, men in suits and a Kenyan flag to look official.
- They claim famous executives are behind the project.
- They promise impossible returns: over 100 times the deposit every month.
- They create urgency with a fake registration deadline.
- Victims are sent to unfamiliar registration pages and asked to pay upfront, often by M-Pesa.
Similar “AI trading” ads using deepfaked videos of well-known business leaders and politicians have circulated in many countries.
What Equity Bank says
Equity said the adverts were not sanctioned by the bank and directed customers to its verified channels, including its official X account @KeEquityBank, for genuine product information. It asked the public to share the warning and not to click suspicious links, register for unverified programmes or send money to unknown promoters.
If you have already paid
- Contact your bank or Safaricom immediately and report the transaction.
- If you paid by M-Pesa, call Safaricom customer care and follow the steps in our M-Pesa fraud guide.
- Report to the Directorate of Criminal Investigations and keep screenshots of the ad, chats and payment messages.
- Change passwords and PINs if you shared any details.
How to spot investment scams
- Guaranteed high returns are the biggest red flag. Legal investments such as Treasury bills and bonds pay around 8–13% a year, not 100 times your money a month.
- Celebrity or CEO endorsements in ads are usually fake. Check the person’s verified accounts.
- Licensing: fund managers and investment advisers must be licensed by the Capital Markets Authority; lenders by CBK. Check before paying.
- Pressure and secrecy: “limited slots” and “register today” are pressure tactics.
- Never share your M-Pesa PIN, bank passwords or one-time codes.
The DCI has separately warned about groups using social media displays of wealth to lure people into fake forex dashboards, crypto scams, phishing links and fraudulent digital wallets. For more checks, see how to check online sellers and land fraud checks.
Why these scams keep working
Fake investment ads are cheap to run on social media and can reach millions of people in a day. Scammers copy logos, use photos of well-known executives and sometimes use AI-generated video or voice clips to make the offer look real. Many victims are sent to a polished website with a dashboard that shows their “profits” growing. When they try to withdraw, they are asked to pay “taxes”, “unlock fees” or “upgrade charges” first. Each payment is another loss, and the promised money never comes.
Anyone who has paid once is often targeted again by “recovery agents” who promise to get the money back for a fee. That is a second scam. Genuine recovery happens only through your bank, your mobile money provider and the police.
Checks to do before you invest
- Search the company name on the Capital Markets Authority and Central Bank of Kenya websites for licensed firms.
- Check the official website and verified social media accounts of any bank or company named in an ad.
- Ask where your money will be held and request written terms. A real firm will provide them.
- Compare the return promised with what licensed products pay. If it is many times higher, walk away.
- Talk to someone you trust before sending money, especially when you are being pushed to act quickly.
FAQ
Is Quantum AI linked to Equity Bank or Safaricom?
No. Equity Bank has said the ads are fake and not connected to the bank or its leadership.
How much does the Quantum AI scam ask for?
About KSh32,000 upfront, with false promises of KSh3.6 million a month.
Where can I report an investment scam in Kenya?
Report to your bank or mobile money provider and the Directorate of Criminal Investigations, and to the Capital Markets Authority for fake investment schemes.
Updated October 31, 2026.
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