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 released on Thursday, September 4, 2025, the Ghana central bank explained that the suspension was carried out under Section 11(2) of the Foreign Exchange Act, 2006 (Act 723), citing “multiple violations of the foreign exchange market regulations.”
Breaches cited by the Central Bank
According to the Bank of Ghana, UBA Ghana was involved in unauthorised remittance transactions with three payment service providers—Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc.—on behalf of several international money transfer operators (MTOs), including Top Connect, Send App, Taptap Send, Remit Choice, and Afriex.
As a result, the regulator announced that all remittance partnerships between UBA Ghana and DEMIs/PSPs/MTOs have been suspended.
It added that any digital electronic money issuers, payment service providers, or money transfer operators seeking to partner with UBA Ghana must submit fresh applications once the suspension period ends.
Warning to forex market players
The BoG also issued a strong reminder to all forex market operators in Ghana, urging them to “adhere strictly to the applicable foreign exchange regulations and guidelines” to avoid similar penalties.
Stricter oversight of forex and remittances
The suspension of UBA Ghana’s forex licence comes amid the Bank of Ghana’s broader crackdown on regulatory breaches in the forex market and inward remittance services.
The move signals the central bank’s commitment to tightening supervision, safeguarding Ghana’s foreign exchange market, and ensuring compliance in the financial sector.
