By our reporter 5.9.2025
United Bank of Africa has been suspended for one month by the Bank of Ghana from trading in foreign currency.
Starting from September 18, 2025, UBA’s foreign exchange trading license will remain in the cooler after the bank was of violating market regulations.
The Ghanaian central bank said in a statement that the decision was taken in line with section 11(2) of the Foreign Exchange Act, 2006 (Act 723), following what it described as “multiple violations of the foreign exchange market regulations.”
According to the regulator, the breaches included unauthorised remittance activities conducted with three payment service providers: Halges Financial Technologies Limited, Cellulant Limited and Flutterwave Inc., on behalf of money transfer operators such as Top Connect, Send App, Taptap Send, Remit Choice and Afriex.
“All remittance partnerships held between UBA Ghana and DEMIs/PSPs/MTOs have been suspended,” the statement noted, adding that any digital electronic money issuers, payment service providers or money transfer operators wishing to work with UBA Ghana in the future must re-apply after the suspension period.
The Bank of Ghana further cautioned foreign exchange market players to “adhere strictly to the applicable forex market regulations and guidelines.”
