Bank of Ghana suspends UBA Ghana’s Forex Trading Licence

The Bank of Ghana has suspended the forex trading licence of United Bank for Africa (UBA) Ghana over what it described as multiple violations of foreign exchange regulations. The suspension takes effect on September 18, 2025, and will last for one month under section 11(2) of the Foreign Exchange Act, 2006 (Act 723).

In a statement released on Thursday, the central bank explained that the decision followed breaches 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. Officials said the violations had come to the attention of the regulator after a review of the bank’s foreign exchange activities.

The Bank of Ghana stressed that the suspension of UBA Ghana’s forex trading licence was linked to unauthorised remittance activities carried out with the involvement of several payment service providers and money transfer operators. Specifically, the central bank cited transactions facilitated by Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc., on behalf of operators including Top Connect, Send App, Taptap Send, Remit Choice, and Afriex.

As part of the enforcement action, all remittance partnerships held between UBA Ghana and digital electronic money issuers (DEMIs), payment service providers (PSPs), and money transfer operators (MTOs) have been suspended. The Bank of Ghana directed that any institution seeking to re-engage UBA Ghana in the future must re-apply for approval after the one-month suspension expires.

The Bank of Ghana further cautioned all foreign exchange market players to strictly comply with existing rules and guidelines. It emphasised that the suspension of UBA Ghana’s forex trading licence was not only a corrective measure but also a warning to other institutions engaged in the foreign exchange business.

This latest regulatory step points to the central bank’s commitment to sanitising the forex market, protecting the integrity of inward remittance services, and ensuring that financial institutions operate within the bounds of the law.