UMB makes history as first bank in Ghana approved by BoG, SEC to offer virtual accounts

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.”Against this backdrop, UMB’s dual regulatory approval gives the Bank an early position from which to engage eligible virtual asset businesses, Fintechs, technology companies and other participants seeking access to regulated banking infrastructure.

The approval nonetheless establishes an important foundation for UMB to participate in the development of Ghana’s emerging virtual asset market and to support businesses operating within the formal financial system.