The Bank of Ghana (BoG) has imposed a one-month suspension on the foreign exchange trading licence of United Bank for Africa (UBA) Ghana, starting September 18, 2025.
In a statement, the central bank explained that the move was taken under Section 11(2) of the Foreign Exchange Act, 2006 (Act 723), citing repeated breaches of forex market regulations.
The infractions, according to the regulator, involved unauthorised remittance transactions carried out 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.
BoG clarified that all existing remittance arrangements between UBA Ghana and digital money issuers, payment service providers, and money transfer firms have been halted.
It added that any such institutions seeking to resume business with UBA after the suspension would be required to re-apply.
The central bank also reminded participants in the forex market to comply strictly with all rules and guidelines.
The decision comes as regulators intensify oversight of foreign exchange dealings and inward remittance services within the financial sector.
Source: Adomonline
ALSO READ:
