We’ll fully comply with Central Bank’s regulations – Fidelity Bank

The Fidelity Bank Ghana says it is working to address the reporting concerns raised by the Central Bank, which resulted in the suspension of its Foreign Exchange trading licence.  

“As a Bank, we strive to maintain the highest levels of operational compliance across all our business activities, and we reassure all our valued customers that we are actively engaging the Bank of Ghana to resolve the issue as soon as possible,” it said.  

In a statement issued to the media, Fidelity said its normal operations, however, had not been affected by the regulator’s punishment.  

The statement, signed by Eric Frempong Amponsah, head of Marketing, said the Bank had also reached interim agreement with its partner banks to aid in “seamless completion of foreign exchange transactions”.  

“All Branches, Agent Points and digital platforms continue to provide our customers with the full range of financial services as usual,” it said. 

It apologised to its customers for the inconvenience caused them following the regulator’s punishment.  

The Central Bank Thursday announced that it had fined the First National Bank Ghana Ltd. and the Fidelity 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. 

Additionally, their forex trading had been suspended for one month, effective June 29. 

Source: GNA