Naaman Mwale, CA (ZM), AZICA’s Post

𝐃𝐚𝐲-𝟔: 𝐁𝐚𝐧𝐤𝐬 𝐚𝐧𝐝 𝐒𝐩𝐞𝐜𝐢𝐚𝐥𝐢𝐬𝐞𝐝 𝐃𝐞𝐩𝐨𝐬𝐢𝐭-𝐓𝐚𝐤𝐢𝐧𝐠 𝐀𝐜𝐭 𝟗𝟑𝟎 𝐈𝐧𝐬𝐭𝐢𝐭𝐮𝐭𝐢𝐨𝐧𝐬 𝐀𝐂𝐓, 𝟐𝟎𝟏𝟔 [𝑺𝑬𝑪𝑻𝑰𝑶𝑵 11]-𝑰𝒏𝒗𝒊𝒕𝒂𝒕𝒊𝒐𝒏 𝒕𝒐 𝒑𝒖𝒃𝒍𝒊𝒄 𝒕𝒐 𝒔𝒖𝒃𝒔𝒄𝒓𝒊𝒃𝒆 𝒕𝒐 𝒔𝒉𝒂𝒓𝒆𝒔 11.(1) An application for a licence under section 7 shall not include an invitation to raise capital through a public issue of shares for the purpose of the proposed deposit-taking business until the applicant concerned obtains a final approval in accordance with section 12. (2)The Bank of Ghana may for stated reasons vary the requirement under subsection (1), in respect of rural or community banks. (3)An applicant who contravenes subsection (1) is liable to pay to the Bank of Ghana an administrative penalty of five thousand penalty units. [𝑺𝑬𝑪𝑻𝑰𝑶𝑵 12]-𝑭𝒊𝒏𝒂𝒍 𝒂𝒑𝒑𝒓𝒐𝒗𝒂𝒍 𝒂𝒏𝒅 𝒊𝒔𝒔𝒖𝒂𝒏𝒄𝒆 𝒐𝒇 𝒃𝒂𝒏𝒌𝒊𝒏𝒈 𝒐𝒓 𝒔𝒑𝒆𝒄𝒊𝒂𝒍𝒊𝒔𝒆𝒅 𝒅𝒆𝒑𝒐𝒔𝒊𝒕-𝒕𝒂𝒌𝒊𝒏𝒈 𝒊𝒏𝒔𝒕𝒊𝒕𝒖𝒕𝒊𝒐𝒏 𝒍𝒊𝒄𝒆𝒏𝒄𝒆 12.(1) The Bank of Ghana may grant the applicant a final approval and issue a licence to carry on a deposit-taking business of a specified type, where the Bank of Ghana is satisfied (a) with the organisational and infrastructural arrangements made by the applicant, (b) that the applicant has complied with the terms and conditions stipulated in the provisional approval, and (c) that the prerequisites of a licence specified in section 9 have been met. (2) The holder of a licence issued under this Act shall in addition to the processing fee for the application of a licence, pay to the Bank of Ghana (a) an initial licence fee, and (b) the annual licence fee, that the Bank of Ghana may by notice specify. (3) The Bank of Ghana shall notify the institution responsible for deposit protection of the issuance of a licence to a bank or specialised deposit-taking institution. [𝑺𝑬𝑪𝑻𝑰𝑶𝑵 13]-𝑵𝒐𝒏 𝒕𝒓𝒂𝒏𝒔𝒇𝒆𝒓𝒂𝒃𝒊𝒍𝒊𝒕𝒚 𝒐𝒓 𝒂𝒔𝒔𝒊𝒈𝒏𝒎𝒆𝒏𝒕 𝒐𝒇 𝒍𝒊𝒄𝒆𝒏𝒄𝒆 13.(1) A licence issued by the Bank of Ghana shah not be transferred or assigned. (2) A person who transfers or assigns a licence issued by the Bank of Ghana commits an offence and is liable on summary conviction to a fine of not less than two thousand penalty units and not more than four thousand penalty units. #bankregulation #bankinglaws #bog #ghana

𝐃𝐚𝐲-𝟏𝟐: 𝐁𝐚𝐧𝐤𝐬 𝐚𝐧𝐝 𝐒𝐩𝐞𝐜𝐢𝐚𝐥𝐢𝐬𝐞𝐝 𝐃𝐞𝐩𝐨𝐬𝐢𝐭-𝐓𝐚𝐤𝐢𝐧𝐠 𝐀𝐜𝐭 𝟗𝟑𝟎 𝐈𝐧𝐬𝐭𝐢𝐭𝐮𝐭𝐢𝐨𝐧𝐬 𝐀𝐂𝐓, 𝟐𝟎𝟏𝟔 𝑺𝑬𝑪𝑻𝑰𝑶𝑵 21- 𝑹𝒆𝒑𝒂𝒚𝒎𝒆𝒏𝒕 𝒐𝒇 𝒎𝒐𝒏𝒆𝒚𝒔 𝒃𝒚 𝒖𝒏𝒂𝒖𝒕𝒉𝒐𝒓𝒊𝒔𝒆𝒅 𝒑𝒆𝒓𝒔𝒐𝒏𝒔 21.(1) Where the Bank of Ghana is satisfied that a person has obtained moneys in contravention of section 6, the Bank of Ghana shall, in writing, instruct that person to (a) repay all the moneys obtained and profits accrued, (b) return assets acquired as a result of the illegally obtained moneys or deposits, or (c) pay any interest or other amounts which may be owing by that person in respect of those moneys,to the respective persons from whom the moneys were obtained. (2) A person required to comply with the instructions of the Bank of Ghana under subsection (1) shall comply (a) in the manner determined by the Bank of Ghana; and (b) within the period determined by the Bank of Ghana and specified in the instruction. (3) A person who fails to comply with an instruction under subsections (1) and (2) shall be deemed bankrupt or unable to pay the debts and the Bank of Ghana may apply to the High Court for the winding-up, or for the sequestration of the estate of that person. (4) Subsections (1), (2) and (3) do not affect the criminal liability of a person under this Act. #theLaw

Cash on delivery is the dominant form of payment method in Zimbabwe. It is largely popular due to the high transaction fees associated with digital forms of payment. Mobile money is a close second owing to how easy it is to open a mobile money account versus a bank account. #economy #mobilemoney #finance #financialinclusion #payments #cash #zimbabwe #money

President Tinubu's launch of the Consumer Credit Scheme should herald a significant step towards promoting financial inclusion and economic empowerment across Nigeria. But we have been here before. Presumably providing access to credit, particularly to underserved populations, the scheme has the potential to stimulate consumption, boost entrepreneurship, and drive economic growth. However, its success will hinge on effective implementation, risk management, and ensuring affordability and transparency for consumers. As Nigeria once again, seeks to enhance its financial infrastructure and empower citizens with greater financial autonomy, initiatives like the Consumer Credit Scheme should play a pivotal role in fostering inclusive economic development, but will they? Time will tell. #PresidentTinubu #Nigeria #ConsumerCreditScheme #FinancialInclusion #EconomicEmpowerment #CreditAccess #policyimplementation https://lnkd.in/eunVDsFe

𝐔𝐬𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐰𝐨𝐫𝐝 “𝐛𝐚𝐧𝐤”,𝑺𝒆𝒄𝒕𝒊𝒐𝒏 23 𝒐𝒇 𝒕𝒉𝒆 𝐁𝐚𝐧𝐤𝐬 𝐚𝐧𝐝 𝐒𝐩𝐞𝐜𝐢𝐚𝐥𝐢𝐬𝐞𝐝 𝐃𝐞𝐩𝐨𝐬𝐢𝐭-𝐓𝐚𝐤𝐢𝐧𝐠 𝐀𝐜𝐭 𝟗𝟑𝟎 𝐈𝐧𝐬𝐭𝐢𝐭𝐮𝐭𝐢𝐨𝐧𝐬 𝐀𝐂𝐓, 𝟐𝟎𝟏𝟔 23.(1) Except as otherwise provided for in this Act, a person, other than a company holding a banking licence, shall not hold itself out as a bank or use the word “bank” or any of its derivatives in any language, or any word that sounds like “bank” in the description or title under which that person is carrying on financial services business in Ghana, or make a representation to this effect in any billhead, letter, paper, notice, advertisement or in any other manner. (2)The use of the word “bank” in the name of an association of banks or of employees of a bank formed for the promotion of mutual interests of its members shall not be construed as a contravention ofsubsection (1). (3) Despite subsection (1), a specialised deposit-taking institution that is licensed as a rural or community bank may use the term “rural bank” or “community bank”. (4) The Bank of Ghana may prescribe similar restrictions on the use of terminology related to other classes of specialised deposit-taking institutions. (5) A specialised deposit-taking institution shall in all correspondence, publications and advertisement, use the full name of that specialised deposit-taking institution as stated on the licence issued by the Bank of Ghana. (6) The Bank of Ghana may order a person who contravenes this section to cease using the terminology that caused the contravention and to change the name under which that person operates. (7) A person who contravenes this section is Table to pay to the Bank of Ghana an administrative penalty of one thousand five hundred penalty units. #thelaw

Land Banking Clinic - Episode 4. Topic: What to do in a civil case scenario? 1. Firstly, understand that land transaction is a civil and not a criminal case even up to the Supreme Court and, as such, resist illegal harassment. 2. Engage a powerful lawyer like a SAN, who is a pain to the institution. 3. Nigeria institutions are bullies, and it takes a bigger bully to stop a bully, so either you become one or get one to prevent personal harassment. 4. Identify yourself with influential people who can make calls on your behalf. To avoid political issues as well, you need to relate with retired military, police or judge who are and have people in the system, and be sure that you are right before engaging them. Nigeria is not a country to fight for rights where you say you don't need anybody. People matter, and you need them to help you. If you have any questions relating to land banking, real estate investment, or real estate development, kindly send them to info@stephenakintayo.com, and I'll answer them in a video format like this. I love you, Dr Stephen Akintayo. #drsakintayo #landbankingclinic #landbanking #clinic #land #realestate #property #government #Nigeria

𝐃𝐚𝐲-𝟕: 𝐁𝐚𝐧𝐤𝐬 𝐚𝐧𝐝 𝐒𝐩𝐞𝐜𝐢𝐚𝐥𝐢𝐬𝐞𝐝 𝐃𝐞𝐩𝐨𝐬𝐢𝐭-𝐓𝐚𝐤𝐢𝐧𝐠 𝐀𝐜𝐭 𝟗𝟑𝟎 𝐈𝐧𝐬𝐭𝐢𝐭𝐮𝐭𝐢𝐨𝐧𝐬 𝐀𝐂𝐓, 𝟐𝟎𝟏𝟔 [𝑺𝑬𝑪𝑻𝑰𝑶𝑵 14] 𝑪𝒐𝒏𝒅𝒊𝒕𝒊𝒐𝒏𝒔 𝒇𝒐𝒓 𝒊𝒔𝒔𝒖𝒂𝒏𝒄𝒆 𝒐𝒇 𝒍𝒊𝒄𝒆𝒏𝒄𝒆 14.(1) A licence issued under this Act shall be subject to the conditions that the Bank of Ghana may impose, including (a) membership of the Ghana Deposit Protection Scheme, and (b) the activities in which the bank or specialised deposittaking institution is permitted to engage in. (2) The Bank of Ghana may amend or vary a condition attached to a licence issued to a bank or specialised deposit-taking institution. (3) The Bank of Ghana shall before taking an action under subsection (2) notify the bank or specialise deposittaking institution concerned in writing. (4) Where a bank or specialised deposit-taking institution is dissatisfied with the decision of the Bank of Ghana, that bank or specialised deposit-taking institution may, within seven days of receipt of the notice, make a representation in writing to the Bank of Ghana. (5) The Bank of Ghana shall, after considering the representation made by the bank or specialised deposit-taking institution, take a decision and notify the bank or specialised deposit-taking institution concerned of the decision made. [𝑺𝑬𝑪𝑻𝑰𝑶𝑵 15] 𝑹𝒆𝒇𝒖𝒔𝒂𝒍 𝒐𝒇 𝒍𝒊𝒄𝒆𝒏𝒄𝒆 15.(1) The Bank of Ghana may refuse an application for a licence to carry on deposit-taking business where in view of the prevailing conditions in the banking and specialised deposit-taking institution sector or in keeping with the policy on banks and specialised deposit-taking institutions, the Bank of Ghana is not satisfied with the merits of the application. (2)Where the Bank of Ghana refuses an application under subsection (1), the Bank of Ghana may give reasons in writing for the refusal of the application. #deposittakinginstituyionact #act930 #bankregulation

Day 15 ✨ 𝐁𝐚𝐧𝐤𝐬 𝐚𝐧𝐝 𝐒𝐩𝐞𝐜𝐢𝐚𝐥𝐢𝐬𝐞𝐝 𝐃𝐞𝐩𝐨𝐬𝐢𝐭-𝐓𝐚𝐤𝐢𝐧𝐠 𝐀𝐜𝐭 𝟗𝟑𝟎 𝐈𝐧𝐬𝐭𝐢𝐭𝐮𝐭𝐢𝐨𝐧𝐬 𝐀𝐂𝐓, 𝟐𝟎𝟏𝟔 [𝑺𝒆𝒄𝒕𝒊𝒐𝒏 24] 𝑫𝒊𝒔𝒑𝒍𝒂𝒚 𝒐𝒇 𝒍𝒊𝒄𝒆𝒏𝒄𝒆 24.(1) A bank or specialised deposit-taking institution shall display at the head office, branches and agencies of that bank or specialised deposit-taking institution, copies of the licence for the information of the public. (2) A bank or specialised deposittaking institution which fails to comply with subsection (1) is liable to pay to the Bank of Ghana an administrative penalty of one thousand penalty units. [𝑺𝒆𝒄𝒕𝒊𝒐𝒏 25] 𝑷𝒍𝒂𝒄𝒆𝒔 𝒐𝒇 𝒃𝒖𝒔𝒊𝒏𝒆𝒔𝒔 𝒕𝒐 𝒃𝒆 𝒍𝒊𝒄𝒆𝒏𝒔𝒆𝒅 25.(1) A bank or specialised deposittaking institution shall not carry on a deposit-taking business at a place other than a place authorised in accordance with this Act. (2)A bank or specialised deposit-taking institution shall not open, close or relocate (a) a branch, (b) an agency, (c) a mobilization centre, (d) the head office, or (e) any other operational or support centre or office, for purposes of carrying on a deposittaking business unless specifically  authorised by the Bank of Ghana. (3) A bank or specialised deposit-taking institution which contravenes this section is liable to pay to the Bank of Ghana an administrative penalty of one thousand penalty units. (4) In addition to the penalty prescribed in subsection (3), the Bank of Ghana may suspend the operations of the branch, agency, mobilisation center, head office or other operational or support centre of the bank or  specialised deposit-taking institution involved until the bank or specialised deposit-taking institution obtains approval from the Bank of Ghana. #BankingRegulations #FinancialCompliance #GhanaBanking #SpecialisedDepositInstitutions #RegulatoryCompliance #BankingLaw #FinancialInstitutions #BankingSector #GhanaFinance #BankingAct #BusinessCompliance #FinancialRegulation #BankingStandards

A significant decision from the Supreme Court has impacted banks and financial institutions in Kenya. The Court's decision in Stanbic Kenya Limited vs Santowels Limited mandates that banks/financial institutions must obtain approval from the Cabinet Secretary before raising interest rates on loans and facilities for customers. This decision emphasizes adherence to the process outlined under section 44 of the banking act, restricting banks from unilaterally adjusting interest rates without prior approval. While banks may have contractual discretion to modify rates, this must align with regulatory objectives. The Supreme Court's decision underscores the necessity for banks and financial institutions to seek approval before increasing interest rates. As a result, the decision prevents these institutions from enforcing unapproved rate adjustments, safeguarding customer interests. #SupremeCourtRuling #BankingActSection44 #FinancialInstitutions #InterestRates #KenyaLaw