The Bank of Ghana 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 decision, taken in accordance with section 11(2) of the Foreign Exchange Act, 2006 (Act 723), follows multiple breaches of the country’s foreign exchange market regulations.
According to the central bank, UBA Ghana engaged in unauthorised remittance activities with three Payment Service Providers (PSPs) – Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc. – on behalf of Money Transfer Operators (MTOs), namely Top Connect, Send App, Taptap Send, Remit Choice, and Afriex.
The Bank of Ghana noted that these actions contravened the Updated Guidelines for Inward Remittance Services by Payment Service Providers (2023), as amended by Notice No. BG/GOV/SEC/2025/25.
As part of the sanction, all remittance partnerships between UBA Ghana and DEMIs/PSPs/MTOs have been suspended. Institutions that wish to collaborate with UBA Ghana in future will be required to re-apply after the suspension period.
The Bank of Ghana further cautioned all participants in the foreign exchange market to strictly comply with regulatory requirements and guidelines, stressing that breaches will not be tolerated.
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