The Bank of Ghana (BoG) has suspended the foreign exchange trading licence of United Bank for Africa (UBA) Ghana, effective September 18, 2025, for a period of one month.
The suspension was imposed in line with Section 11(2) of the Foreign Exchange Act, 2006 (Act 723).
According to the central bank, the decision follows multiple breaches of foreign exchange market regulations, including the Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023, as amended by Bank of Ghana Notice No. BG/GOV/SEC/2025/25.
The BoG explained that UBA Ghana conducted unauthorised remittance transactions with Payment Service Providers (PSPs), Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc., on behalf of Money Transfer Operators (MTOs) such as Top Connect, Send App, Taptap Send, Remit Choice, and Afriex.
As part of the sanctions, all remittance partnerships between UBA Ghana and DEMIs, PSPs, and MTOs have been suspended. The central bank further stated that entities wishing to engage UBA Ghana in future partnerships must reapply for approval after the suspension period ends.
The Bank of Ghana has cautioned all foreign exchange market participants to adhere to applicable forex market regulations and guidelines strictly.
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