The Bank of Ghana has suspended the foreign exchange trading licence of United Bank for Africa (UBA) Ghana, effective September 18, 2025. The suspension, which will last one month, was imposed under Section 11(2) of the Foreign Exchange Act, 2006 (Act 723).

According to the central bank, the decision follows multiple breaches of foreign exchange market regulations, including the Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023, as amended by Notice No. BG/GOV/SEC/2025/25.

The BoG said UBA Ghana engaged in unauthorised remittance transactions with Payment Service Providers — Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc. — on behalf of Money Transfer Operators (MTOs) including Top Connect, Send App, Taptap Send, Remit Choice, and Afriex.

As part of the sanctions, all remittance partnerships between UBA Ghana and DEMIs, PSPs, and MTOs have been suspended. The central bank stated that any such entities seeking future partnerships with UBA Ghana must reapply for approval after the suspension period ends.

The BoG cautioned all foreign exchange market participants to comply strictly with existing regulations and guidelines.

Sompaonline.com