BoG, SEC approve UMB’s virtual accounts offering
Universal Merchant Bank (UMB) has made history as the first bank in Ghana to receive joint approval from the Bank of Ghana and the Securities and Exchange Commission to offer virtual accounts to eligible businesses operating within the virtual asset ecosystem.
The approval comes as Ghana strengthens its regulatory framework for virtual assets and virtual asset service providers, giving clarity on how businesses in the sector can operate within the formal financial system.
Acting Deputy Director-General Finance at SEC, Mensah Thompson said collaboration between regulators and financial institutions will be important as the sector develops to ensure innovation happens within a properly regulated environment.
The approval allows UMB to provide regulated banking infrastructure to eligible virtual asset businesses, fintechs and technology companies. The offering is subject to regulatory requirements and eligibility criteria.
UMB Managing Director and CEO Dr Philip Oti-Mensah said the financial services landscape is evolving and banks must anticipate where customers and the economy are heading. He said receiving approval from both regulators shows innovation and responsible banking can move together, and it reinforces UMB’s commitment to building a modern and competitive Ghanaian bank.
This follows the full recapitalisation of UMB by Ghana Amalgamated Trust, which was announced by Finance Minister Dr Cassiel Ato Forson in July 2026.
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