ACCRA — The Bank of Ghana (BoG) has suspended the foreign exchange trading license of United Bank for Africa (UBA) Ghana for one month, effective September 18, 2025.
In a statement issued on September 4, the central bank confirmed the suspension, citing multiple violations of foreign exchange market regulations, in line with Section 11(2) of the Foreign Exchange Act, 2006 (Act 723). The violations specifically relate to the Updated Guidelines for Inward Remittance Services by Payment Service Providers.
According to the BoG, UBA Ghana was found to have engaged in unauthorized remittance activities with Payment Service Providers (PSPs) Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc. These transactions were conducted on behalf of Money Transfer Operators (MTOs) including Top Connect, Send App, Taptap Send, Remit Choice, and Afriex.
As a result of the suspension, all existing remittance partnerships between UBA Ghana and the affected PSPs, MTOs, and Designated Electronic Money Issuers (DEMIs) have been suspended. The central bank has also directed that any entity seeking future partnerships with UBA Ghana must re-apply after the suspension period. The BoG concluded by cautioning all foreign exchange market players to adhere strictly to existing regulations and guidelines to ensure stability and integrity within the financial system.
Source: ameyawdebrah
