Access Bank Plc, GTbank fined 96mllion Naira for Collecting Illegal Charges

The central bank of Nigeria has sanctioned two Nigerian banks, Access Bank Plc and Guaranty Trust Bank popularly known as GTB a combined fee amounting to over N96million for disobeying regulations and collecting illegal charges from customers.

The central bank of Nigeria has sanctioned two Nigerian banks, Access Bank Plc and Guaranty Trust Bank popularly known as GTB a combined fee amounting to over N96million for disobeying regulations and collecting illegal charges from customers.

This sanction is from the Central Bank of Nigeria while analysing these banks Financial statements for the end of the year in December 2017.
Nigerian Banks
Access Bank and GTBank

A full analysis of these banks revealed that GTB will pay about N18 million naira as fine while Accessbank will pay over 78 million naira to the regulatory agencies.
This imposed sanction is in a bid to Strengthen Cooperate Governance of all Financial Institutions and to ensure Transparency in all transactions and conducts.

Further Analysis shows that Access Bank, which is the major defaulter had 60million naira paid in respect of the Bank's Verification Number (BVN), over 6million naira from unutilised foreign exchange fro CBN and another 2 million naira for non-compliance over Bancassurance and an extra 2Million naira for CBN Foreign exchange examination.

Bancassurance simply refers to the selling of life assurance and other Insurance products and services by banking /Financial institutions.
For GTB, they were fined 50,000naira as the Penalty for a late rendition of returns, 6million naira as the penalty for Infractions on Guide to Bank Charges and another separate 2million naira penalty for the closure of their E-branch without CBN's approval.

GTB had to pay 2million naira for violating the Guide to Bank Charges in respect of limits above Gross Aggregate Net Open Position (NOP).
GTbank also paid another 2million naira for Under-repatriation of export proceeds by two customers of the Bank.
They finally paid 25,000 naira as their fine for delay in the rendition of returns (i.e submitting their account for auditing).
Bank experts and analysts are of the opinion that the Banking operation is very complicated and it is almost difficult for banks to record all hitches and glitches in their system and have an error-free system.

There are reports that a few other banks have not yet released their financial statements to the Central Bank despite the expiration of the deadline set for March 31st by the Central Bank.Amongst the banks are Union Bank, Fidelity Bank and First Bank.

Are you a Gtbank customer and want to know how to Setup your Gtbank Mobile Banking or you can learn the simple steps for GTbank internet banking registration For GTbank customers.

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The Best Information Blog Today: Access Bank Plc, GTbank fined 96mllion Naira for Collecting Illegal Charges
Access Bank Plc, GTbank fined 96mllion Naira for Collecting Illegal Charges
The central bank of Nigeria has sanctioned two Nigerian banks, Access Bank Plc and Guaranty Trust Bank popularly known as GTB a combined fee amounting to over N96million for disobeying regulations and collecting illegal charges from customers.
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