The Competition Authority of Kenya (CAK) has fined Guaranty Trust Bank Kenya Limited KES 33.18 million for misleading a corporate customer and applying unfair charges.
The regulator also ordered the bank to refund KES 13.2 million to ASL Limited after finding that the fees and default interest were improperly imposed.
Investigations showed that the bank charged for unapproved services, changed loan terms without proper notice, and applied backdated interest during a stalled loan renewal process.
CAK said these actions unfairly pressured the company and took advantage of the bank’s stronger negotiating position, violating consumer protection rules under the Competition Act.