Section 11, The Banking Act, 2019

(1) A person other than a bank licensed under this Actshall not use or continue to use the word 'bank' or any of its derivatives either in English, French or any other language in the description or title under which the person is carrying on business. (2) A person shall not be granted or continue to hold a licence under a name which so closely resembles the name of the holder of an existing licence as is likely, in the opinion of the Central Bank, to mislead the public. (3) This section shall not apply to - (a) financial holding companies which operate as a bank; and (b) any registered association of banks, financial holding companies, banks and financial holding companies' employees formed for the protection and advancement of their mutual interest or in furtherance or promotion of education and training of personnel for financial companies. 26 27 Restriction of licence. Restriction on use of word 'bank'. (4) A person who contravenes this section commits an offence and is liable on conviction to imprisonment for a term not exceeding 10 years or to a fine which is equivalent to twice the amount of deposits received in the contravention or to both fine and imprisonment.