Fidelity Bank has assured that its banking operations have not been affected despite the suspension of its forex license.

In a statement issued after its forex license was suspended by the BoG, Fidelity Bank said normal banking services are going on smoothly across the country.

The statement explained that the bank has reached an agreement with partner banks to ensure seamless completion of foreign exchange transactions on behalf of its clients. 

The bank therefore apologises to its clients for the inconvenience caused by the action as it works to resolve this issue with the Bank of Ghana. 

Fidelity Bank added that all its branches are offering full fledge financial services to the public.

Background

The Bank of Ghana (BoG) on June 29, 2023 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.

This translates into about ¢12,000 fine imposed on each bank

In addition, the Central Bank has suspended the respective forex licenses of the banks from June 29, 2023 to July 28, 2023.

“By this notice, we caution forex market players including banks, forex bureaus, forex brokers, and money transfer operators (MTOs) to adhere strictly to the applicable forex market regulations and guidelines,” the BoG said.