The Bank of Ghana has suspended United Bank for Africa (UBA) Ghana’s licence to operate in the foreign exchange market for one month period.
The suspension, effective September 18, 2025, was issued under Section 11(2) of the Foreign Exchange Act, 2006 (Act 723), following repeated violations of forex market regulations.
BoG said it include breaches of the Updated Guidelines for Inward Remittance Services by Payment Service Providers (2023), as amended by Notice No. BG/GOV/SEC/2025/25.
According to the central bank, UBA Ghana conducted unauthorised remittance transactions with Payment Service Providers—Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc.—on behalf of several Money Transfer Operators (MTOs), namely Top Connect, Send App, Taptap Send, Remit Choice, and Afriex.
As part of the enforcement measures, all remittance-related collaborations between UBA Ghana and DEMIs, PSPs, and MTOs have been suspended, BoG said in a statement.
BoG further directed that any future partnerships with UBA Ghana must undergo fresh approval after the suspension period concludes.
The Central Bank has urged all participants in the foreign exchange market to adhere strictly to prevailing rules and guidelines.
