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

According to the central bank, its decision stems from the multiple violations of the foreign exchange market regulations by UBA Ghana.

In a statement cited by GhanaWeb Business, it cited the Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023, as amended by Bank of Ghana Notice No. BG/GOV/SEC/2025/25 as one of the breaches of the bank.

“All remittance partnerships held between UBA Ghana and DEMIs/PSPs/MTOs have been suspended,” part of the release stated.

“DEMIs/PSPs/MTOs that wish to engage UBA Ghana in future partnerships must re-apply after the suspension period elapses,” it added.

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The central bank further noted that UBA’s suspension is in accordance with section 11(2) of the Foreign Exchange Act, 2006 (Act 723).

The statement also disclosed that UBA Ghana conducted unauthorised remittance activities with Payment Service Providers (PSPs) including, 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 Bank of Ghana cautioned foreign exchange market players to adhere strictly to the applicable forex market regulations and guidelines.



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