UMB becomes first bank approved by BoG and SEC to offer virtual accounts

As Ghana’s virtual asset regulatory framework develops, regulated financial institutions will play an important role in connecting legitimate businesses in the digital economy to the formal financial system.

Universal Merchant Bank (UMB) has become the first bank in Ghana to receive approval from both the Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC) to offer virtual accounts to eligible businesses operating within the emerging virtual asset ecosystem.

The virtual account approval extends that approach into an emerging segment of Ghana’s digital economy, giving UMB an opportunity to develop solutions around businesses whose financial needs are evolving alongside the regulatory landscape.