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 on September 4, the central bank said the suspension is in line with Section 11(2) of the Foreign Exchange Act, 2006 (Act 723). The decision follows multiple violations of foreign exchange market regulations, including the Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023, as amended under Notice No. BG/GOV/SEC/2025/25.
According to the Bank of Ghana, UBA Ghana was found to have conducted unauthorised remittance activities with Payment Service Providers (PSPs) Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc. These transactions were undertaken on behalf of Money Transfer Operators (MTOs) such as Top Connect, Send App, Taptap Send, Remit Choice, and Afriex.
As part of the action, all existing remittance partnerships between UBA Ghana and the affected PSPs, MTOs, and Designated Electronic Money Issuers (DEMIs) have been suspended.
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The central bank further directed that any such entities seeking future partnerships with UBA Ghana must re-apply after the suspension period.
The Bank of Ghana also cautioned players in the foreign exchange market to strictly comply with existing regulations and guidelines to ensure stability and integrity in the financial system.
Source: ameyawdebrah.com/
