Universal Merchant Bank (UMB) has become the first bank in Ghana to receive dual approval from the Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC) to offer virtual accounts. This landmark decision allows UMB to provide banking services to eligible businesses operating within the emerging virtual asset ecosystem. The approval marks a significant step in Ghana’s evolving financial landscape, where regulated banking, digital finance, and new technology converge.
This approval positions UMB at the forefront of Ghana's digital economy. It reflects a deliberate strategy by the bank to identify new opportunities and build the necessary infrastructure to serve them. The collaboration with regulators ensures that innovation develops within a sound and sustainable regulatory framework. This development comes as Ghana strengthens its regulatory architecture for virtual assets and virtual asset service providers (VASPs), providing greater clarity for businesses in this sector.
This move aligns with Ghana's broader efforts to create a structured regulatory approach for the global virtual asset industry. The industry continues to evolve, driven by blockchain technology, digital payments, and tokenisation. Ghana aims to foster innovation while safeguarding the integrity and stability of its financial system. This regulatory clarity helps integrate virtual asset businesses into the formal financial system, reducing risks and increasing transparency.
Mr. Mensah Thompson, Acting Deputy Director-General Finance at the Securities and Exchange Commission, highlighted the importance of this collaboration. He stated, “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 added that institutions prepared to understand requirements and build appropriate controls will be well-positioned to support the sector’s development.
The approval means UMB can now engage eligible virtual asset businesses, Fintechs, and technology companies seeking access to regulated banking infrastructure. This establishes an important foundation for UMB to participate in Ghana’s emerging virtual asset market. It will support businesses operating within the formal financial system, fostering growth and innovation. This also signals a clear path for other financial institutions to follow, provided they meet the stringent regulatory requirements.
For Dr. Philip Oti-Mensah, UMB’s Managing Director and Chief Executive Officer, this development is consistent with the bank’s vision. He stated, “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 emphasised that this milestone demonstrates innovation and responsible banking can move together, reinforcing UMB’s commitment to building a modern, relevant, and competitive Ghanaian bank.
Since Dr. Oti-Mensah assumed leadership, UMB has prioritised transformation, innovation, customer experience, and sustainable growth. The virtual account approval exemplifies this direction in practice. It involves identifying an emerging market early, developing necessary banking capabilities, and working within the regulatory framework. This creates opportunities for both the bank and its customers, ensuring long-term viability and market relevance. The bank's strategic focus on digital capability is a key business driver.
UMB’s entry into the virtual asset ecosystem builds on wider investments in digital banking and technology. The bank has expanded customer interaction through platforms like SpeedApp and internet banking, alongside products such as Legacy Care Plus. Tubuor Ofei-Agyemang, Head of E-Business at UMB, noted that digital transformation is about understanding evolving customer and business needs. He stated, “The virtual account capability is part of that journey and reflects our focus on building secure, scalable and relevant digital banking solutions.”
This strategy positions technology not just as a channel for traditional banking services, but as an enabler of new forms of business and financial activity. The virtual account approval extends this approach into an emerging segment of Ghana’s digital economy. It gives UMB an opportunity to develop solutions for businesses whose financial needs are evolving with the regulatory landscape. This proactive stance is crucial for staying competitive in a rapidly changing financial world.
The approval also comes at an important point in UMB’s institutional journey. In July 2026, Finance Minister Dr. Cassiel Ato Forson announced the completion of the Ghana Amalgamated Trust’s full recapitalisation of Universal Merchant Bank. This strengthened the bank’s capital position, providing a stronger platform for its next phase of growth. Combined with continued investment in technology, customer experience, and operational efficiency, UMB is well-positioned for future expansion and innovation in Ghana’s financial sector.