Competition Authority of KenyaDeterminationTrade and industry
CAK DECISION IN THE MATTER BETWEEN ASL LIMITED AND GUARANTY TRUST (GT) BANK KENYA LIMITED REGARDING MISLEADING REPRESENTATION AND UNCONSIONABLE CONDUCT
24 Feb 2026CAK competition determinations
The brief
determination
- Issued by
- Competition Authority of Kenya
- Who it affects
- Guaranty Trust Bank Kenya Limited and ASL Limited
- What changed
- The Authority ordered Guaranty Trust Bank Kenya Limited to pay a pecuniary penalty of KES 33,180,000.00 and refund ASL Limited KES 13,211,285, after determining that GT Bank violated section 55(a)(ii) on false or misleading representation and section 57(1) on unconscionable conduct.
- Amounts
- KES 33,180,000.00 — pecuniary penalty, being 2% of its Gross Annual Turnover for the year 2023
- KES 13,211,285.00 — refund to ASL Limited, the fees and charges that were levied in the account
- USD 5,500,000.00 — one trading line reduced from USD 5.5 million
- USD 3,500,000.00 — one trading line reduced to USD 3.5 million
- USD 3,000,000.00 — further reduction of the limits
- KES 13,200,000.00 — default interest charged, allegedly backdated to August 2023
- KES 417,848,415.00 — OD1 overdraft amount cleared by ASL
- USD 197,802.00 — OD2 overdraft amount cleared by ASL
- KES 2,800,000.00 — amount GT Bank offered to refund against the disputed default interest
- KES 13,200,000.00 — disputed amount for which ASL sought full refund
- Action required
- Pay a pecuniary penalty of KES 33,180,000.00; refund ASL Limited KES 13,211,285 within 30 days; comply with the provisions of the Act and the Competition (General) Rules, 2019; and sensitize its staff on the provisions of the Act, specifically Part VI, and the Competition (General) Rules 2019.