In its efforts to maintain regulatory grips on the foreign exchange market, the Bank of Ghana has suspended the trading license of United Bank for Africa (UBA) Ghana and its partnering Payment Service Providers (PSPs) and Money Transfer Operators (MTOs).
The one-month suspension, effective September 18, 2025, was imposed under Section 11(2) of the Foreign Exchange Act, 2006 (Act 723).
The decision follows multiple breaches of foreign exchange market regulations, including the Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023, as amended by Notice No. BG/GOV/SEC/2025/25.
UBA Ghana is charged with unauthorised remittance transactions with Payment Service Providers Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc. on behalf of Money Transfer Operators (MTOs) including Top Connect, Send App, Taptap Send, Remit Choice, and Afriex.
As part of the sanctions, all remittance partnerships between UBA Ghana and DEMIs, PSPs, and MTOs have been suspended. The central bank stated that any such entities seeking future partnerships with UBA Ghana must reapply for approval after the suspension period ends.
Meanwhile, the central bank noted that, the suspended operators will only be allowed to resume activities after their partner payment service providers (PSPs) or banks re-apply for approval and the applications are duly considered by the BoG, following the expiration of the suspension.
The Bank further cautioned players in the foreign exchange market to comply strictly with existing forex market regulations and guidelines to avoid similar sanctions.
