BoG suspends foreign exchange trading licence of UBA Ghana for one month

The Bank of Ghana (BoG) has suspended the Foreign Exchange Trading Licence of United Bank for Africa (UBA) Ghana, effective 18 September 2025, for a period of one (1) month.

In a statement issued on Thursday, 4 September 2025, the Central Bank explained that the decision was taken in line with Section 11(2) of the Foreign Exchange Act, 2006 (Act 723).

The regulator cited multiple breaches of foreign exchange market regulations, including violations of the Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023, as amended by Notice No. BG/GOV/SEC/2025/25.

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According to the BoG, UBA Ghana was found to have engaged in unauthorised remittance activities with three (3) Payment Service Providers (PSPs): Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc. These transactions were conducted on behalf of several Money Transfer Operators (MTOs), namely Top Connect, Send App, Taptap Send, Remit Choice, and Afriex.

The Central Bank stressed that all remittance partnerships involving UBA Ghana and the affected PSPs or MTOs have been suspended. Any future collaborations will only be permitted if the PSPs, MTOs, or UBA Ghana re-apply for approval after the suspension period has lapsed.

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In a related directive, the BoG also announced the suspension of the remittance partnerships of the implicated PSPs and MTOs. The regulator reiterated that all market participants must strictly comply with foreign exchange regulations and the updated remittance guidelines.

It further warned that non-compliance will attract additional sanctions in accordance with the law.

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