KEY POINTS
- Bank of Ghana suspends UBA Ghana forex licence.
- Violations tied to unauthorised remittance partnerships.
- Regulator tightens supervision of forex transactions.
The Bank of Ghana has suspended the foreign exchange trading licence of United Bank for Africa (UBA) Ghana for one month, starting September 18, 2025.
The move, announced Thursday, follows what the regulator described as multiple breaches of foreign exchange market rules under Section 11(2) of the Foreign Exchange Act, 2006 (Act 723).
UBA Ghana penalised over forex violations
According to the central bank, the violations included unauthorised remittance deals conducted with Halges Financial Technologies, Cellulant and Flutterwave. The transactions were carried out on behalf of money transfer operators such as Top Connect, Send App, Taptap Send, Remit Choice and Afriex.
Suspension also covers all remittance partnerships
The Bank of Ghana said it has suspended all partnerships between UBA Ghana and digital money issuers, payment service providers, and transfer operators. Moreover any firms seeking to resume collaboration must re-apply after the suspension.
Central bank tightens forex supervision
Futhermore, the regulator cautioned forex market participants to strictly follow existing guidelines. The suspension also comes as the central bank steps up oversight of remittance and foreign exchange services amid tighter supervision across the financial sector.
