GTbank, First Bank Send Message to Customers As Bank of Ghana Suspends Forex Licences
- The Central Bank of Ghana suspended the forex trading licence of GTbank and First Bank subsidiaries in Ghana
- GTbank and First Bank have issued statements expressing commitment to finding solutions to the issues
- The two banks assured customers that other services, including deposits and various business segments, remain unaffected
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Bank of Ghana recently announced the suspension of forex trading licences of Guaranty Trust Bank (GTB) and First Bank in the country.
Ghana's apex bank cited "fraudulent documentation" during operations as the reason for its decision.
Source: Getty Images
The two institutions addressed the situation in separate statements and promised to resolve the issues while assuring customers.
GTbank's statement on forex suspension
In its statement, the Guaranty Trust Bank (GTB) subsidiary in Ghana said it is currently working with relevant government agencies to resolve the trade-related issues quickly.
The statement reads:
“We would like to assure all our esteemed customers and stakeholders that we are currently working with the relevant government agencies and customers with a view to resolving these trade-related issues timely.
‘’Our customers and stakeholders are our primary responsibility and, Guaranty Trust Bank Ghana would like to clarify that this development does not affect customers’ own deposits and other business segments of our operations.
All other products and services, main branches, and Agency Banking outlets are available for your convenient use during our regular opening hours.
"Additionally, our mobile apps and internet banking services are available for your use at any time of the day.
“We further assure our customers that the issue was not a function of willful non-compliance by the Bank, as the Bank has a culture that endeavours to comply with regulations at all times and stringent Anti-money laundering CFT policies which are applied across all our operations.
“We are also in ongoing consultations and discussions with the Central Bank of Ghana to fully resolve all matters raised in the shortest possible time.”
First Bank's message to customers
On its part, FBN Ghana also reaffirmed its willingness to resolve the FX trading licence suspension.
Its message reads:
“We refer to the Bank of Ghana’s announcement of the 30-day suspension of our Foreign Exchange Trading Licence effective March 18, 2024.
“We would like to advise our valued customers and esteemed stakeholders that we are working with the Bank of Ghana to remediate the identified trade-related matters.
“FBNBank would like to assure its valued customers that when the suspension kicks in, the Bank’s other business segments and solutions will be fully operational.
"This will include branch operations, agent banking partners and channels for seamless banking.”
CBN sets deadline on BVN
Meanwhile, in another report, the Central Bank of Nigeria (CBN) issued a 30-day ultimatum to Nigerian banks to close bank accounts without BVN.
According to the apex bank, the directive aims to promote safer, more reliable, and more efficient banking and payment systems.
Data from the NIBSS showed that 57.39 million customers' accounts had been linked to their BVNs as of April 8, out of over 190 million bank accounts.
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Source: Legit.ng
