The Bank of Ghana (BoG) has moved to reinforce compliance in the foreign exchange market by suspending the trading licence of United Bank for Africa (UBA) Ghana for one month, effective September 18, 2025.
The action, taken under Section 11(2) of the Foreign Exchange Act, 2006 (Act 723), is part of the central bank’s efforts to clamp down on regulatory breaches and restore order in the remittance ecosystem.
According to the BoG, UBA Ghana was found to have conducted unauthorised remittance transactions with Payment Service Providers (PSPs) — Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc. — in connection with several Money Transfer Operators (MTOs) including Top Connect, Send App, Taptap Send, Remit Choice, and Afriex.
By suspending all remittance partnerships between UBA Ghana and DEMIs, PSPs, and MTOs, the regulator signaled its intent to tighten oversight of financial institutions that disregard compliance protocols.
The BoG further stressed that any entities seeking to resume partnerships with UBA Ghana after the suspension will be required to obtain fresh approval.
The central bank also issued a broader warning to all licensed operators, reminding them that strict adherence to updated foreign exchange and remittance guidelines is non-negotiable.
This latest sanction underscores the BoG’s growing resolve to enforce discipline in Ghana’s financial sector amid rising concerns over the misuse of remittance channels.
