We have carefully considered the statement issued by the Central Bank of Kenya (CBK), detailing actions taken against Ecobank Kenya Limited concerning our foreign exchange exposure limit. These actions include temporary suspension of Ecobank Kenya’s foreign exchange dealer license in the Kenyan market from today, Tuesday, March 29, 2022, to Monday, April 4, 2022.
The matter raised by CBK pertains to a request for foreign exchange from one of our corporate clients for which we duly submitted a bid. The deal was subsequently executed the following day. We are fully engaged with the Central Bank of Kenya to speedily address all the concerns raised regarding this transaction, as we continue to ensure full compliance and minimal disruption to our business, customers, and all our stakeholders.
Ecobank Kenya is an affiliate of the Ecobank Group that has presence in 35 countries across Africa. The Bank abides by high and rigorous compliance standards. In addition, we will continue to execute enhancements to our controls and processes as may be required by the Regulator and in accordance with international standards.
We remain committed to playing our role as a Pan-African Bank that positively and responsibly contributes to the economic development of Kenya and the financial integration of Africa.
ENDS
Media Contact
For enquiries or further details, please contact vmusumba@ecobank.com
About Ecobank Kenya
Ecobank Kenya is a subsidiary of the Ecobank Group, the leading independent pan-African banking group. The Ecobank Group employs about 14,000 people and serves over 29 million customers in the consumer, commercial and corporate banking sectors across 33 African countries. The Group has a banking license in France and representative offices in Addis Ababa, Ethiopia; Johannesburg, South Africa; Beijing, China; London, the UK and Dubai, the United Arab Emirates. The Group offers a full suite of banking products, services and solutions including bank and deposit accounts, loans, cash management, advisory, trade, securities, wealth and asset management. ETI is listed on the Nigerian Stock Exchanges in Lagos, the Ghana Stock Exchange in Accra, and the Bourse Régionale des Valeurs Mobilières in Abidjan. For further information please visit www.ecobank.com
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