We’re working with BoG to address Forex Trading Licence issue – FBNBank Ghana

FBNBank Ghana says it is working with the Bank of Ghana to identify and address issues that led to the suspension of its forex trading license by the apex bank.

The Bank of Ghana announced on Monday the suspension of the Foreign Exchange Trading Licenses of Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN), effective 18th March 2024, for one (1) month, in accordance with section 11 (2) of the Foreign Exchange Act 2006, (Act 723).

In a statement, the Central Bank explained the decision was due to various breaches of the foreign exchange market regulations, including fraudulent documentation in their foreign exchange operations.

FBNBank Ghana, in a statement on Tuesday, March 5, 2024, reaffirmed its commitment to upholding high ethical standards.

It also assured its 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.”

Below is the full statement from FBNBank Ghana Limited:

FBNBank Ghana Statement on BoG’s temporary suspension of FBNBank’s Forex Trading Licence

Accra, Ghana, March 5, 2024, We refer to the Bank of Ghana’s announcement of the 30-day suspension of our Foreign Exchange Trading Licence effective March 18, 2024, and would like to update 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.

We reaffirm our commitment to our customers and stakeholders and will continue to uphold the high ethical standards that we are known for.

All enquiries may be directed via email to [email protected]

About FBNBank Ghana

FBNBank has, in its 28 years of operating in Ghana, remained focused on putting its customers and communities first. FBNBank Ghana is a member of the First Bank of Nigeria Limited (FirstBank Group), which is renowned for its great customer service and general stakeholder engagement garnered in its 130 years of operation.

FBNBank Ghana has 24 branches, four service points, and a network of almost 2,000 agents across the country, with over 700 staff. FBNBank offers universal banking services to individuals and businesses in Ghana.

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