The Bank of Ghana has reinstated the Foreign Exchange Trading Licence of United Bank for Africa (UBA) Ghana.
A statement issued by the central bank indicated that the decision to lift the ban takes effect from October 19, 2025.
The BoG said that UBA has adhered to the suspension conditions imposed on it.
It stated that after a review, the BoG reinstated the license because the bank’s adherence to the conditions was satisfactory.
The BoG however advised UBA to adhere strictly to the Foreign Exchange Act, 2006 (Act 723), and all other applicable regulatory guidelines. (Removed the duplicate “the”)
“This decision follows UBA’s adherence to the suspension conditions imposed and the implementation of remedial measures that have been reviewed and found satisfactory by the Bank.
The Bank of Ghana remains committed to maintaining the integrity of the foreign exchange market and ensuring that all licensed market participants operate in strict compliance with the Foreign Exchange Act, 2006 (Act 723), and all other applicable regulatory guidelines.”
Background
The Bank of Ghana suspended the Foreign Exchange Trading Licence of United Bank for Africa (UBA Ghana) on September 18, 2025.
UBA’s license was suspended for one month, in accordance with Section 11(2) of the Foreign Exchange Act, 2006 (Act 723), according to a statement by the central bank.
The BoG made the decision due to multiple violations of 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.
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.”
By: Rainbowradioonline.com/Ghana
