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Home Banking

Kenya, Tanzania fine GTBank for breach of regulations

by Web Admin
17/04/2023
in Banking
0
Kenya, Tanzania fine GTBank for breach of regulations
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The Central Bank of Kenya (CBK) has fined Nigerian lender, Guaranty Trust Bank (GTBank) for breaching its regulations.

This is according to the GTBank financial report released on Friday that indicates that the lender was sanctioned for failing to comply with the CBK banking act 28/50 (1).

The bank was also penalised for failing to comply with the cash reserve requirement put in place by the Kenyan apex bank in 2022.

Consequently, GTBank was fined N11.25 (approximately 56.8m/-) million for both infractions.

The breakdown showed that the lender was fined N7.26 million (approximately 38.4m/-) for non-compliance with the banking act, and N3.99 million (20.1m/-) for breaching the CBK cash reserve requirement.

Ripples Nigeria learnt that non-compliance with banking act 2 relates to GTBank breaching the order of “Institutions with which bank may deal in foreign exchange.”

The GTBank financial report released on Friday that indicates that the lender was sanctioned for failing to comply with the CBK banking act 28/50 (1). PHOTO | COURTESY.

The act stipulates that “a bank may engage in foreign exchange transactions only with- (a) authorised dealers; (b) public entities; (c) foreign central banks, foreign banks, or foreign financial institutions; (d) foreign governments or agencies of foreign governments; (e) international financial institutions.”

Also, CBK Act 50 states that a bank is expected to act as an adviser to the government.

“It shall be the duty of the Bank to advise the Minister on any matter which in its opinion is likely to affect the achievement of the principal objects of the Bank as specified in section 4,” it added.

In Tanzania, GTBank was also fined N180, 000 (approximately 900,000/-) for the late rendition of the daily liquidity report.

Source: Ripples Nigeria

Tags: #LatestBusinessNews#LatestTanzaniaBusinessNews#LatestTBWNews#TanzaniaBusinessNews
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