Bank of Ghana suspends UBA Ghana’s forex licence over regulatory breaches

The Bank of Ghana has suspended the foreign exchange trading licence of United Bank for Africa (UBA) Ghana for one month, effective September 18, 2025.

In a statement issued on Thursday, the central bank said the decision was taken in line with section 11(2) of the Foreign Exchange Act, 2006 (Act 723), following what it described as “multiple violations of the foreign exchange market regulations.”

According to the regulator, the breaches included unauthorised remittance activities conducted with three payment service providers: Halges Financial Technologies Limited, Cellulant Limited and Flutterwave Inc., on behalf of money transfer operators such as Top Connect, Send App, Taptap Send, Remit Choice and Afriex.

“All remittance partnerships held between UBA Ghana and DEMIs/PSPs/MTOs have been suspended,” the statement noted, adding that any digital electronic money issuers, payment service providers or money transfer operators wishing to work with UBA Ghana in the future must re-apply after the suspension period.

The Bank of Ghana further cautioned foreign exchange market players to “adhere strictly to the applicable forex market regulations and guidelines.”

The suspension takes effect at a time when the central bank has been tightening supervision of forex market operations and inward remittance services across the financial sector.