BREAKING: Bank Of Ghana, Other Regulators Fine GTBank N1.7bn For FX Violations

Regulators across Ghana, Nigeria and two other African countries fined Guaranty Trust Holding Company’s (GTCO) banking subsidiaries a total of N1.7bn for foreign exchange arbitrations and consumer protection-related breaches, according to findings by THE WHISTLER.

GTCO was fined a cumulative N1,652,293,000 across Ghana, Nigeria, Gambia and Rwanda where its subsidiaries operate, based on its Q5, 2024 financial statement.

GTCO paid the largest fine in Ghana where its Ghana subsidiary, GTBank Ghana paid the sum of N1.26bn for breaching foreign exchange market operational guidelines.

Over the last two years, Bank of Ghana has been tough on forex market players including banks, forex
bureaus, forex brokers, and money transfer operators (MTOs).

Ghana’s apex bank in 2023 warned FX players to adhere strictly to the applicable forex market regulations and guidelines.

In June 2023 alone, Bank of Ghana fined and suspended the forex licences of Fidelity Bank Ghana Limited and First National Bank Ghana Limited over forex infractions.

GTCO’s infractions did not end in Ghana. In Nigeria, the Central Bank fined GTCO a total of N383.65m for various infractions.

CBN imposed a fine of N160m as penalty paid in respect of 2024 CBN’s Mystery Shopping Exercise on the bank.

GTCO paid a penalty of N149,250,000 in respect of 2024 Compliance Related/Bank e-Mail Returns.

The Nigerian subsidiary also paid N56,000,000 in respect to penalty for violation of Consumer Protection Regulations.

The GTCO further paid N18m penalty in respect of 2023/2024 CBN’s FX Examination on the bank.

The Central Bank of The Gambia fined GTCO’s subsidiary, GTBank Gambia N4.72m for non-attendance to a workshop on Risk Based Supervision.

GTCO was also penalised N2.1m in Rwanda for four different infractions.

Gambia’s Central Bank slammed GTBank Gambia N579,000 for non-compliance noted with respect to the Bank taking fees which are not allowed by the regulator.

The bank was also fined N324,000 for non-compliance with the exchange rate applied by commercial banks.

The bank was further fined N579,000 in respect of submission of an erroneous report to the Credit Reference Bureau regarding a bounced cheque.

Findings reveal that GTCBank Gambia was also fined N579,000 for non-compliance with the “charged prohibited fees relating to Financial Service Consumer Protection.”