The Bank of Ghana (BoG) has suspended the foreign exchange trading licence of United Bank for Africa (UBA) Ghana for one month, effective September 18, 2025.
In a statement issued by its Communications Department, the central bank said the decision was taken in accordance with Section 11(2) of the Foreign Exchange Act, 2006 (Act 723) following multiple violations of foreign exchange market regulations.
According to the BoG, UBA Ghana was found to have conducted unauthorised remittance activities with several Payment Service Providers (PSPs), including 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.
The central bank cited breaches of 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, as the basis for its action.
“All remittance partnerships held between UBA Ghana and DEMIs/PSPs/MTOs have been suspended,” the statement said. “Entities wishing to engage UBA Ghana in future partnerships must reapply after the suspension period elapses.”
The Bank of Ghana also cautioned all players in the foreign exchange market to adhere strictly to the relevant laws, regulations, and operational guidelines governing forex trading and remittance services in the country.
The suspension is expected to remain in force until mid-October 2025.
