The Bank of Ghana has suspended the Foreign Exchange Trading Licence of United Bank for Africa (UBA Ghana), effective September 18, 2025.
The bank’s license is suspended for a period of one (1) month, in accordance with section 11(2) of the Foreign Exchange Act, 2006 (Act 723), a statement by the central bank said.
According to the BoG, it made the decision as a result of multiple violations of the foreign exchange market regulations.
These violations include 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 have come to the attention of the Bank of Ghana.
The statement issued by the Communications Department stated that “UBA Ghana conducted unauthorised remittance activities with the following Payment Service Providers(PSPs); Falgos 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.”
The BoG added that “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.”
It has therefore cautioned foreign exchange market players to adhere strictly to the applicable forex market regulations and guidelines.
By: Rainbowradioonline.com/Ghana
