The Bank of Ghana (BoG) has announced the suspension of the foreign exchange trading licence of United Bank for Africa (UBA) Ghana, effective September 18, 2025, for a period of one month.
This decisive action follows multiple breaches of foreign exchange market regulations by UBA Ghana, as outlined in the Foreign Exchange Act, 2006 (Act 723), and the Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023.
In a statement released on Thursday, the central bank said UBA Ghana was found to have engaged in unauthorized remittance activities involving three Payment Service Providers (PSPs): Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc.
These transactions were conducted on behalf of several Money Transfer Operators (MTOs) including Top Connect, Send App, Taptap Send, Remit Choice, and Afriex.
As a consequence, the Bank of Ghana has suspended all remittance partnerships involving UBA Ghana and the implicated PSPs and MTOs. The affected entities must re-apply for regulatory approval after the suspension period before resuming any such partnerships.
The regulatory clampdown also reflects broader concerns about compliance failures in the foreign exchange and remittance sectors. The BoG has stressed that all market participants must strictly adhere to the relevant laws and guidelines to avoid further sanctions. Non-compliance, the regulator warned, could attract additional penalties.
This suspension marks a significant enforcement step in Ghana’s efforts to enhance transparency and control in its foreign exchange market, ensuring that remittance channels operate within the legal framework for the benefit of the economy.
The suspension period takes effect on September 18, 2025, underscoring the urgency with which the Bank of Ghana is addressing these regulatory breaches. Meanwhile, UBA Ghana and the affected PSPs and MTOs face a critical period of compliance review and corrective action before normal operations can resume.
The Bank of Ghana continues to monitor the situation closely and reiterates its commitment to maintaining a stable and transparent financial market.
