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 virtual asset ecosystem.
The development comes as Ghana strengthens its regulatory architecture for virtual assets and virtual asset service providers, providing greater clarity on how businesses in the sector can participate in the formal financial system.
The Acting Deputy Director-General Finance at the SEC, Mensah Thompson, said collaboration between regulators and financial institutions would be important as the sector develops.
"As the virtual asset ecosystem develops, collaboration between regulators and financial institutions will be important in ensuring that innovation takes place within a properly regulated environment," he said.
The approval allows UMB to engage eligible virtual asset businesses, fintechs and technology companies seeking access to regulated banking infrastructure. The virtual account offering remains subject to applicable regulatory requirements and eligibility criteria.
UMB Managing Director and Chief Executive Officer, Dr Philip Oti-Mensah, said the development was consistent with the Bank's ambition to anticipate changing customer and market needs.
"The financial services landscape is evolving, and our responsibility as a bank is to understand where our customers and the economy are heading and build the capabilities to support that future," he said.
He added that receiving approval from both regulators demonstrated that "innovation and responsible banking can move together".
The approval follows a major change in the Bank's institutional position. In July 2026, Finance Minister Dr Cassiel Ato Forson announced the completion of the Ghana Amalgamated Trust's full recapitalisation of Universal Merchant Bank, strengthening the Bank's capital position.
UMB's move into the virtual asset ecosystem builds on wider investments in digital banking and technology through platforms such as SpeedApp and internet banking.
The Head of E-Business at UMB, Tubuor Ofei-Agyemang, said digital transformation was no longer simply about moving existing banking services onto digital platforms.
"Digital transformation is no longer simply about moving existing banking services onto digital platforms. It is about understanding how customers and businesses are evolving and developing the infrastructure to support them," he said.