Fidelity Bank Apologizes To Customers After Losing Forex Licence

0

Fidelity Bank has rendered an unqualified apology to its customers following the temporary suspension of its foreign exchange trading licence by the Bank of Ghana.

This was after the regulator fined Fidelity Bank Ghana Limited and First National Bank Ghana Limited a combined 1000 penalty points each for breaching sections 3.4, 3.5, and 3.9 of the Ghana Interbank Forex Market Conduct rules.

In addition, the central bank suspended the respective forex licenses of the banks from June 29, 2023, to July 28, 2023.

Reacting to this in a statement, Fidelity Bank assured customers that it was engaging the Bank of Ghana to resolve the issue as soon as possible.

Fidelity Bank said in the interim they have agreed with other banks to conduct foreign exchange transactions on behalf of Fidelity Bank.

“While we address the reporting concerns raised by our regulator, we have, in the interim, reached agreements with our partner banks to aid in the seamless completion of foreign exchange transactions on behalf of Fidelity Bank. We apologize for any inconvenience this announcement may have caused, and we reassure all our valued customers that we are actively engaging the Bank of Ghana to resolve the issue as soon as possible,” the statement read.

Fidelity Bank added that the suspension had not affected its normal banking operations.

Read full statement