UBA Ghana Hit With One-Month Forex Trading Suspension for Regulatory Breaches
The Bank of Ghana (BoG) has suspended the foreign exchange trading licence of United Bank for Africa (UBA Ghana) for one month, effective September 18, 2025, citing repeated breaches of the country’s forex market regulations.
According to the central bank, the suspension was imposed under section 11(2) of the Foreign Exchange Act, 2006 (Act 723), after UBA Ghana was found to have engaged in unauthorised remittance transactions with three Payment Service Providers (PSPs) — Halges Financial Technologies Limited, Cellulant Limited and Flutterwave Inc.
The transactions were conducted on behalf of several Money Transfer Operators (MTOs), including Top Connect, Send App, Taptap Send, Remit Choice and Afriex, in violation of 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.
As part of the enforcement action, all remittance partnerships involving UBA Ghana, Digital Electronic Money Issuers (DEMIs), PSPs and MTOs have been suspended. The central bank directed that any future partnerships must receive fresh approval after the suspension period lapses.
“The Bank of Ghana cautions foreign exchange market players to adhere strictly to the applicable forex market regulations and guidelines,” the statement warned, adding that further breaches will attract additional sanctions.
