FNB responds to BOG 30 days forex ban

In response to the one-month forex ban imposed by the Bank of Ghana, First National Bank (FNB) Ghana has taken proactive measures to assist its clients with their foreign exchange needs.

The FNB Head of Marketing and Corporate Affairs, Delali Dzidzienyo, issued an official statement outlining the temporary arrangements put in place to ensure uninterrupted service for clients requiring foreign exchange transactions.

While the processing of new or pending foreign exchange transactions has been temporarily halted, First National Bank Ghana has collaborated with partner banks to facilitate and finalize foreign exchange deals on behalf of its clients. These strategic partnerships enable the bank to continue meeting the foreign exchange requirements of its customers during the ban period.

By establishing these temporary arrangements, First National Bank Ghana aims to minimize the impact of the forex ban on its clients’ operations and financial transactions. The bank recognizes the importance of providing uninterrupted services and ensuring that its customers can still access the necessary foreign exchange facilities despite the regulatory restrictions.

During this period, the bank remains committed to maintaining open lines of communication with its clients, offering guidance, and addressing any concerns related to foreign exchange transactions. By leveraging its network of partner banks, First National Bank Ghana demonstrates its dedication to finding alternative solutions and assisting customers in navigating the challenges posed by the temporary forex ban.

As the ban continues, First National Bank Ghana will closely monitor the situation, keeping its clients informed of any updates and adjustments to the temporary arrangements. The bank reaffirms its commitment to supporting its customers and remains vigilant in complying with the regulatory requirements set forth by the Bank of Ghana.

Through these temporary measures and collaborative efforts with partner banks, First National Bank Ghana aims to ensure a seamless foreign exchange experience for its clients, upholding its reputation as a reliable financial institution even in the face of regulatory challenges.

“To minimise any possible disruptions, we have made temporary arrangements with partner banks to initiate and complete foreign exchange deals for and on behalf of First National Bank Ghana and its clients, should the need arise”, the bank said.

Following the Bank of Ghana’s imposition of fines and suspension of forex licenses for First National Bank and Fidelity Bank due to violations of the Ghana Interbank Forex Market Conduct rules, both banks are now facing a one-month ban on forex transactions starting from June 29, 2023.

In light of this regulatory action, First National Bank (FNB) has expressed its unwavering dedication to maintaining the highest operational and regulatory standards across all aspects of its business operations. While the suspension may temporarily disrupt their forex services, FNB remains committed to serving its clients with the utmost reliability and security in their forex transactions.

FNB

During this ban period, FNB recognizes the importance of upholding its clients’ trust and meeting their financial needs. The bank assures its clients that it will continue to prioritize their interests and work diligently to minimize any inconveniences caused by the suspension. FNB’s commitment to providing reliable and secure forex services remains unwavering, and it seeks to navigate this temporary disruption while maintaining its reputation as a trustworthy financial institution.

FNB acknowledges the significance of adhering to regulatory guidelines and is actively taking measures to ensure full compliance with the Ghana Interbank Forex Market Conduct rules. The bank views this regulatory action as an opportunity to further strengthen its operational frameworks and internal controls to prevent future breaches. By doing so, FNB aims to reinforce its commitment to regulatory compliance and the overall integrity of the forex market.

Also Read: Fidelity Bank, First National Bank banned from trading FX for 30 days

As the ban period progresses, FNB will closely monitor developments and remain in close communication with the Bank of Ghana to address any necessary requirements and seek guidance to ensure a smooth resolution. The bank recognizes the importance of maintaining a transparent and cooperative relationship with the regulatory authorities.

Throughout this challenging period, FNB reassures its clients that it will continue to provide them with the necessary support and guidance, adhering to the highest ethical standards. By maintaining its focus on operational excellence and regulatory compliance, FNB aims to regain its forex capabilities promptly while ensuring a seamless and secure experience for its valued clients.

In summary, despite the temporary suspension, First National Bank remains steadfast in its commitment to serving its clients with reliable and secure forex transactions, emphasizing its dedication to upholding operational and regulatory standards throughout its operations.

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