GTBank Appeals $257,000 Fine in Kenya Over Breach of Agreement

Guaranty Trust Bank has filed an appeal against a decision by Kenyan authorities ordering the lender to pay approximately $257,000 (Ksh33.18 million) in penalties.

The fine was imposed following allegations of breach of agreement. GTBank is challenging the ruling through the appropriate legal channels in Kenya.

The case highlights ongoing regulatory scrutiny facing Nigerian banks operating across East Africa. GTBank has operations in several African countries including Kenya, where it competes with both local and international lenders.

The bank has not publicly commented on the specifics of the case beyond confirming its decision to appeal the penalty.