First National Bank (FNB) has finally refunded hundreds of thousands of dollars it took from customers’ accounts in the name of exchange rate differentials relating to online payments with Visa Debit Cards to crypto exchange, Binance.
Even though the affected customers made the online payments in Ghana cedis, the bank claimed there were exchange rate differentials when they (the bank) settle the merchant (Binance) at a later date from when the payments were made.
As a result of those claims, the bank debited the accounts of the affected customers with several thousands of dollars. One customer reported being debited to the tune of US$300,000 plus.
Meanwhile, Binance was reported to have said they had no part in FNB’s claim to the said exchange rate differentials. And indeed, some customers put out documents indicating that Binance actually received payments in cedis and not in any foreign currency, which would have warranted the said exchange rate differentials.
After months of back and forth with the customers, the bank has finally refunded the moneys and credited the accounts of the affected customers, but on condition that all the customers are subjected to strict KYC (know your customers) processes before they can access their funds.
The bank has also suspended the usage of its Visa Debit cards for any transactions on Binance.
It has also asked all the affected customers to visit their branches or any branch of the bank for the necessary KYC processes so they can access their funds.
Techgh24 has learnt that the KYC process has been ongoing for a while now and some customers have still not been able to access their funds because of that.
Find full statement from the bank below
First National Bank has completed engagements with its payment gateway partners and has decided to reverse all debit transactions passed on to some customer accounts as a result of transactions initiated on binance.com, a cryptocurrency exchange.
The bank explained that it had series of engagements with its payment gateway partners and the outcomes confirmed the bank’s position on the settlement of the transactions on Binance.
The Head of Retail Banking, Akweley Laryea explained that customer complaints on the foreign exchange adjustments and their effects on account balances necessitated further investigations into the transactions.
“Reviewing the details of customer complaints required that we quickly engage with our payment gateway partners to confirm the nature of these transactions and the complexities of the settlements which involved international merchants outside Ghana,” Madam Laryea said.
“These customers transacted in Ghana Cedis and that is how they paid for the transactions. The process however required a multi-currency settlement, and we are still engaging our partners to resolve this amicably.”
As an interim measure, all First National Bank VISA debit cards will be disabled for transactions on binance.com until the bank realigns the settlement processes with all stakeholders.
“For now, our cards will not be enabled for crypto exchange and related transactions. We entreat our customers to be abreast with the terms and conditions on our accounts,” Madam Laryea added. “We value the relationship with our customers, and we remain committed to helping them with a better banking experience.”
Please reach out to the undersigned for any further discussion.
Delali Dzidzienyo
Head, Marketing and Corporate Affairs
ddzidzienyo@firstnationalbank.com.gh
