Following its involvement in the NYS Scandal that saw CBK penalize Equity Bank together with other banks sh392 Million, Equity Bank has released a statement to address the issues that weigh heavily upon it to set the record straight.
Equity Bank has received the report of the Central Bank of Kenya June 2018 inspection report targeted at the National Youth Service banking transactions for the period 2015 to2018 at a meeting held with the Central Bank of Kenya on 10th September 2018.
Further, on 12th September 2018, the bank received a letter outlining the areas of
investigations and requesting the bank to respond within the next 14 days on why the
monetary penalty it has assessed should not be levied. We emphasize that at this point no
penalty has been imposed by the Central Bank of Kenya.
The bank is currently reviewing the report with a view to providing a detailed response to
the issues raised by the Central Bank of Kenya within the stipulated period.
We wish to reassure our stakeholders that Equity Bank is a regulated entity that respects
and complies with all laws and applicable regulatory guidelines. We also wish to confirm
that the Bank respects and adheres to the rules and regulations of all the countries in which we operate.
We remain committed to providing our customers and stakeholders with excellent service
coupled with the utmost respect while adhering to the banking laws and regulations as
stipulated in each of the markets we operate in and global best banking practices.
We remain committed in our unwavering support to the government in its effort to
eradicate corruption and to uphold the integrity of the financial system in order to build a
strong stable secure financial system.
