BoG suspends UBA Ghana’s forex trading license
The Bank of Ghana(BoG) has announced the suspension of the foreign exchange trading license of United Bank for Africa (UBA) Ghana, effective September 18, 2025.
The suspension will last one month, in accordance with Section 11(2) of the Foreign Exchange Act, 2006 (Act 723).
In a statement issued, the Bank of Ghana cited multiple violations of foreign exchange market regulations as the reason for the disciplinary action.
Specifically, UBA Ghana was found to have breached the Updated Guidelines for Inward Remittance Services by Payment Service Providers (2023), as amended under Notice No. BG/GOV/SEC/2025/25.
According to the Central Bank, UBA Ghana engaged in unauthorised remittance activities in collaboration with several Payment Service Providers (PSPs), including Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc.
These activities were carried out on behalf of Money Transfer Operators (MTOs) such as Top Connect, Send App, Taptap Send, Remit Choice, and Afriex, without the necessary regulatory approvals.
As part of the enforcement action, the Bank of Ghana has suspended all remittance-related partnerships between UBA Ghana and the involved DEMIs, PSPs, and MTOs.
Any future collaborations between these entities and UBA Ghana will require fresh applications and approval after the suspension period ends.
The Bank of Ghana used the opportunity to issue a strong reminder to all participants in the foreign exchange market to strictly comply with applicable regulations and guidelines.
It emphasised that non-compliance will attract decisive regulatory action.