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. The central bank stated the suspension was due to “multiple violations of the foreign exchange market regulations” and was carried out in accordance with Section 11(2) of the Foreign Exchange Act, 2006 (Act 723).
According to a press release from the BoG’s Communications Department, UBA Ghana conducted unauthorized remittance activities with payment service providers Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc. on behalf of several money transfer operators, including Top Connect, Send App, Taptap Send, Remit Choice, and Afriex.
The suspension applies to all remittance partnerships held by UBA Ghana with digital electronic money issuers, payment service providers, and money transfer operators. The central bank specified that any future partnerships between UBA Ghana and these entities must be re-applied for after the suspension period has elapsed and is subject to the central bank’s consideration.
This move is a significant step by the BoG to enforce strict adherence to financial regulations and maintain stability in the foreign exchange market.
In concluding its statement, the Bank of Ghana issued a broad warning to all participants in the foreign exchange market. The central bank urged these entities to strictly adhere to the applicable forex market regulations and guidelines.
This action underscores the BoG’s commitment to ensuring all players operate within the established legal and regulatory framework, highlighting the seriousness with which it views compliance in the financial sector.
Ruth Abla ADJORLOLO
