Absa Kenya, previously known as Barclays Bank Kenya, has resumed forex trading after a seven day suspension. Kenya’s Central Bank took regulatory action against the lender on 9th April, after it failed to implement effective controls over its Foreign Exchange (FX) business.
In a statement to the press, Absa Kenya said it held discussions with the Central Bank and resolved the matter on Forex trading. As a result, the bank resumed its foreign exchange operations as an authorized dealer on 16th April.
Forex trading is a major revenue earner for Absa Bank. It is part of non-funded income alongside the digital lending app Timiza, Bancassurance, and Risk Managed Products (RMPs) which all contributed KSh 10.6 Billion (31 percent) of the bank’s total revenue in the last financial year.