Bank reports in newspapers

I often see banks publishing reports in newspapers and wonder why banks are making their affairs public. Isn’t this private information? Moreover, should banks not send these directly to their customers? Why should ordinary people care about these reports? Please enlighten me.

GS, Arusha

Banks are legally obliged to publish certain financial information to promote transparency and accountability. Under the Banking and Financial Institutions (Disclosures) Regulations, 2014 (GN. No. 289 of 2014), made under the Banking and Financial Institutions Act, banks must disclose audited financial statements, fees and charges, deposit and lending rates, among other details. They are further required to publish their financial statements in at least two newspapers of wide circulation within the country. These publications must be made on working days only, meaning they cannot appear on weekends or public holidays.

One publication should be in a Kiswahili-language newspaper to reach the majority of the population, and another in an English-language newspaper to serve investors, professionals, and international stakeholders. This approach ensures maximum accessibility and visibility to the public, regulators, and stakeholders. Moreover, publishing in newspapers guarantees that shareholders, depositors, and the general public can access this information. The aim here is to foster trust in the financial system and allow regulators and customers to monitor the bank’s stability. Therefore, these reports are not private matters as they are part of the bank’s duty to operate transparently in the public interest. Consult a lawyer for further guidance.