The Bank of Ghana has announced that it has suspended the foreign exchange trading license of United Bank for Africa (UBA Ghana) effective September 18, 2025.
The Bank of Ghana in a notice released earlier this evening, noted that the suspension is for a period of 1 month in accordance with section 11 (2 ) of the Foreign Exchange Act 2006.
Reasons
Bank of Ghana in statement added that the action was as a result of multiple violations of the foreign exchange market regulations.
This includes “Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023, as amended by Bank of Ghana Notice No. BG/GOV/SEC/2025/25which has come to the attention of Bank of Ghana”
It also added that UBA Ghana conducted unauthorised remittance activities with the following Payment Service Providers(PSPs); Halges Financial Technologies Limited, Cellulant Limited and Flutterwave Inc., on behalf of Money Transfer Operators (MTOs) – Top Connect, Send App, Taptap Send, Remit Choice and Afriex.
The regulator in the statement, also announced that all remittance partnerships held between UBA Ghana and DEMIs/PSPs/MTOs have been suspended.
DEMIs/PSPs/MTOs that wish to engage UBA Ghana in future partnerships must re-applyafter the suspension period elapses.
The Central Bank reminded the public that by this statement, it is cautioning the foreign exchange market players to adhere strictly to the applicable forex market regulations and guidelines.