BoG Suspends UBA Ghana’s Forex License Over Regulatory Breaches.
BoG Suspends UBA Ghana’s Forex License Over Regulatory Breaches.
The Bank of Ghana has suspended the Foreign Exchange Trading License of United Bank for Africa (UBA Ghana), effective September 18, 2025, for a period of one month, in accordance with section 11(2) of the Foreign Exchange Act, 2006 (Act 723).
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A statement issued by the BoG on Thursday, September 4, said that this is a result of multiple violations of the foreign exchange market regulations, including 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, which has come to the attention of the Bank of Ghana.
“UBA Ghana conducted unauthorised remittance activities with the following Payment Service Providers(PSPs); 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.
“All remittance partnerships held between UBA Ghana and DEMIs/PSPs/MTOs have been suspended. DEMIs/PSPs/MTOs that wish to engage UBA Ghana in future partnerships must re-apply after the suspension period elapses.
“By this statement, the Bank of Ghana cautions foreign exchange market players to adhere strictly to the applicable forex market regulations and guidelines,” the statement said.
