Universal Merchant Bank (UMB) has become the first bank in Ghana to offer virtual accounts to eligible businesses operating within the emerging virtual asset ecosystem.
This was after the bank secured the approval of both the Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC) in a significant step in the country’s evolving financial landscape, where regulated banking, digital finance and new technology-driven business models are increasingly converging.
The development comes as the country strengthens its regulatory architecture for virtual assets and virtual asset service providers (VASPs), providing greater clarity on how businesses in the sector can participate in the formal financial system.
Digital economy
The global virtual asset industry continues to evolve, driven by developments in blockchain technology, digital payments, tokenisation and broader financial innovation.
Ghana is responding to the developments with a more structured regulatory approach aimed at creating space for innovation while safeguarding the integrity and stability of the financial system.
The acting Deputy Director-General in charge of Finance at SEC, Mensah Thompson, emphasised the importance of responsible participation by financial institutions as the sector continued to develop.
“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. Institutions that are prepared to understand the requirements and build the appropriate controls will be well positioned to support the development of the sector,” Mr Thompson said.
Against this backdrop, UMB’s dual regulatory approval gives the bank an early position to engage eligible virtual asset businesses, fintechs, technology companies and other participants seeking access to regulated banking infrastructure.
The virtual account offering remains subject to applicable regulatory requirements and eligibility criteria.
The approval nonetheless establishes an important foundation for UMB to participate in the development of Ghana’s emerging virtual asset market and to support businesses operating within the formal financial system.
Reacting to the approval, the UMB Managing Director and Chief Executive Officer, Dr Philip Oti-Mensah, said the development was consistent with the bank’s broader 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.
“Receiving approval from both the Bank of Ghana and the Securities and Exchange Commission to offer virtual accounts to eligible businesses is an important milestone for UMB.
It demonstrates that innovation and responsible banking can move together, and reinforces our commitment to building a modern, relevant and competitive Ghanaian bank,” Dr Oti-Mensah said.
Business strategy
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, alongside products such as Legacy Care Plus, the bank has expanded how customers and businesses interact with its services.
The Head of E-Business at UMB, Tubuor Ofei-Agyemang, said the virtual account capability was part of the broader digital evolution.
“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.
The virtual account capability is part of that journey, and reflects our focus on building secure, scalable and relevant digital banking solutions,” he said.
Stronger platform for growth
The approval also comes at an important point in UMB’s institutional journey.
In July 2026, the Minister of Finance, Dr Cassiel Ato Forson, announced the completion of the Ghana Amalgamated Trust’s full recapitalisation of UMB, strengthening the bank’s capital position and providing a stronger platform for its next phase of growth.
The recapitalisation provides a base from which UMB can pursue new opportunities and respond to emerging areas of economic activity.
About UMB
UMB is an indigenous Ghanaian bank with over 50 years of experience, providing customer-focused financial solutions to individuals, businesses and institutions.
