UBA Ghana's forex licence suspended over regulatory violations
In a statement released on Thursday, the central bank explained that the action was taken under Section 11(2) of the Foreign Exchange Act, 2006 (Act 723), after uncovering what it described as “multiple breaches of foreign exchange market rules.”
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The Bank of Ghana has imposed a one-month suspension on the foreign exchange trading licence of United Bank for Africa (UBA) Ghana, effective September 18, 2025.
In a statement released on Thursday, the central bank explained that the action was taken under Section 11(2) of the Foreign Exchange Act, 2006 (Act 723), after uncovering what it described as “multiple breaches of foreign exchange market rules.”
According to the regulator, UBA Ghana engaged in unauthorised remittance transactions with three payment service providers: Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc., on behalf of money transfer operators 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/MTOs have been suspended,” the Bank of Ghana stated. It further indicated that any digital money issuers, payment service providers, or money transfer operators seeking to collaborate with UBA Ghana after the suspension will need to re-apply for approval.
The central bank also used the opportunity to caution all participants in the foreign exchange market to comply strictly with existing regulations and operational guidelines.
This suspension comes amid the Bank of Ghana’s intensified oversight of forex trading and inward remittance services across the country’s financial system.
