First Bank Ghana has clarified issues surrounding the suspension of its forex trading license for 30 days.
In a statement released, the bank stated that its banking operations are not affected by the suspension, adding that it continues to address the recent decision by the Bank of Ghana.
According to Nairametrics, a press release spotted quoted First Bank Ghana (trading as FBN Bank), as clearly stating that they are actively working with the Bank of Ghana to promptly rectify the issues that led to the suspension of its foreign exchange trading license.
“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 inform our valued customers and esteemed stakeholders that we are collaborating with the Bank of Ghana to rectify the identified trade-related concerns.”
The statement further said; “FBNBank wants to reassure its valued customers that when the suspension takes effect, the Bank’s other business segments and services will continue to be fully operational.
“This includes branch operations, agent banking partners, and channels for seamless banking. We reaffirm our commitment to our customers and stakeholders and will continue to maintain the high ethical standards we are renowned for.”
Banking stakeholders have stated that the issue is likely to be a purely documentation matter that has to do with the bank’s foreign currency transactions.
It is a known fact that the Bank of Ghana is known for enforcing strict compliance in forex-related matters and often imposes severe penalties for violations that might be treated more leniently in markets like Nigeria.
