Prime News Ghana

BoG to publish names of banks cited for regulatory breaches 

By Justice Kofi Bimpeh
Bank of Ghana
Bank of Ghana
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The Bank of Ghana, BoG will soon publish the names of banks cited for regulatory breaches in addition to monetary fines.

Reports indicate that the move by the BoG is part of measures to improve regulations of the sector. 

The Bank of Ghana in a report assessing banks and SDIs’ compliance with its consumer protection regime cited some banks for regulatory breaches.

Of much concern, findings indicate several breaches by commercial banks in Ghana, regarding regulations on market conduct.

It revealed that banks in the country are signing customers onto E-banking products and services and consequently charging fees on them without customers’ explicit consent.

It also indicates that over-the-counter withdrawals from savings accounts, below stipulated minimum amounts, are attracting fees.

Similarly, changes to items and conditions of loan agreements were made and implemented without the required period of prior notification to customers, according to the report.

“Prior to pursuing enforcement actions on loan defaulters, the minimum prescribed notice period of 30 days was not given to some borrowers”, the report said.

Read the full report here