UBA Ghana Assures Customers of Deposit Safety Amid Forex License Suspension
United Bank for Africa (UBA) Ghana has moved to reassure customers that all deposits, transactions, and funds remain secure following the suspension of its foreign exchange trading license by the Bank of Ghana (BoG).
In a statement dated September 6, 2025, the bank said it is cooperating with the regulator to address all outstanding concerns.
The BoG, in a directive issued on September 4, 2025, announced that UBA Ghana’s forex license would be suspended for one month, effective September 18. The central bank cited multiple breaches of foreign exchange market regulations, including violations of the Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023, as amended by Notice No. BG/GOV/SEC/2025/25.
The suspension covers all remittance partnerships between UBA Ghana and Designated Electronic Money Issuers (DEMIs), Payment Service Providers (PSPs), and Money Transfer Operators (MTOs).
Despite the regulatory action, UBA Ghana reaffirmed its commitment to “the highest standards of governance, transparency, and professionalism,” stressing that normal banking operations remain unaffected.
“Customers can continue to transact with us with full confidence in our financial strength and resilience,” the statement read.
UBA Ghana, which began operations in 2005, operates 31 branches nationwide and is a key player in trade finance, cross-border payments, remittances, and general banking services. Its parent company, UBA Group, has a presence in more than 20 African countries, as well as the UK, US, France, and the UAE, serving over 45 million customers globally.
