The 2 Nigerian banks in Ghana, that are going through overseas trade (FX) buying and selling suspension, mentioned they’re working with the Ghana Financial institution to resolve the difficulty.
The Financial institution of Ghana on Monday took an motion in opposition to Warranty Belief Financial institution Ghana Restricted (GTB) and FBNBank Ghana Restricted (FBN), suspending their International Alternate Buying and selling Licences efficient from March 18, 2024, for a period of 1 month.
Based on an announcement launched by the Financial institution, “That is on account of numerous breaches of the overseas trade market laws, together with fraudulent documentation of their overseas trade operations which have come to the eye of the Financial institution of Ghana.”
The assertion additional talked about that the licenses shall be reinstated after the one-month suspension interval, offered that efficient controls are put in place to make sure strict adherence to laws within the overseas trade market.
Moreover, the monetary regulator has urged FX market gamers to strictly adhere to the relevant laws and pointers.
In response to the suspension, the affected banks mentioned they’re totally cooperating with the Financial institution of Ghana’s investigation and are dedicated to rectifying any deficiencies of their overseas trade operations to make sure compliance with regulatory necessities.
Consequently, GTBank Ghana on Monday issued an announcement, saying “we check with the Central Financial institution of Ghana’s press assertion through which it introduced the suspension of Warranty Belief Financial institution Ghana’s International Alternate Buying and selling License eective from the 18th of March 2024 till 18th of April 2024 (1 month interval) and acquired ocial discover of similar.
“We want to guarantee all our esteemed prospects and stakeholders that we’re at present working with the related Authorities Companies and prospects with a view to resolving these trade-related points well timed.
Our prospects and stakeholders are our main duty and, Warranty Belief Financial institution Ghana want to make clear that this improvement doesn’t aect prospects’ personal deposits and different enterprise segments of our operations. All different services and products; Major branches, Company Banking shops can be found on your handy use at our common opening hours and our Cellular Apps and Web banking can be found on your use at any time of the day.
“We additional guarantee our prospects that the difficulty was not a perform of willful non-compliance by the Financial institution, because the Financial institution has a tradition that endeavours to adjust to laws always and stringent Anti-Cash Laundering CFT insurance policies that are utilized throughout all our operations.
“We’re additionally in ongoing consultations and discussions with the Central Financial institution of Ghana to totally resolve all issues raised within the shortest potential time. Warranty Belief Financial institution Ghana stays dedicated to being a constructive participant in Ghana’s monetary markets and to contributing to its additional developments within the curiosity of all its prospects and stakeholders,” the assertion from company communication of GTBank Ghana reads.
When contacted, Oyinade Adegite, chief communication officer at GTCO Plc, described the suspension as an remoted incidence that doesn’t have an effect on the group.
FBNBank Ghana mentioned on Tuesday that it’s working with the Financial institution of Ghana to establish and handle points that led to the suspension of its foreign currency trading license by the apex financial institution.
FBNBank Ghana, in an announcement on Tuesday, March 5, 2024, reaffirmed its dedication to upholding excessive moral requirements.
The assertion reads: “We check with the Financial institution of Ghana’s announcement of the 30-day suspension of our International Alternate Buying and selling Licence efficient March 18, 2024.
“We want to advise our valued prospects and esteemed stakeholders that we’re working with the Financial institution of Ghana to remediate the recognized trade-related issues.
“FBNBank want to guarantee its valued prospects that when the suspension kicks in, the Financial institution’s different enterprise segments and options shall be totally operational. This can embrace department operations, agent banking companions and channels for seamless banking.
“We reaffirm our dedication to our prospects and stakeholders to the availability of the total vary of fantastic banking providers, with the assurances that we are going to proceed to uphold the excessive moral requirements that we’re recognized for.”
