BoG Suspends UBA Ghana’s Forex Trading License

The Bank of Ghana, in fact, suspended the foreign exchange trading license of United Bank for Africa (UBA) Ghana. This one-month suspension takes effect on September 18, 2025. The central bank imposed the sanction under Section 11(2) of the Foreign Exchange Act, 2006 (Act 723). According to the BoG, its decision follows multiple violations. Specifically, UBA Ghana breached foreign exchange market regulations. It also broke rules from the Updated Guidelines for Inward Remittance Services.

The BoG announced that it suspends UBA Ghana because the bank engaged in unauthorized transactions. It processed these transactions for Payment Service Providers (PSPs) and Money Transfer Operators (MTOs). These companies included Halges Financial Technologies, Cellulant, and Flutterwave. Furthermore, UBA worked with MTOs like Top Connect, Send App, Taptap Send, Remit Choice, and Afriex. As part of its sanctions, the central bank suspended all remittance partnerships between UBA Ghana and these entities. The bank stated that any entity wanting a future partnership with UBA Ghana must reapply for approval. This can only happen after the suspension period ends.

The central bank cautioned all foreign exchange market participants. They must strictly follow existing regulations and guidelines. The BoG’s strict action serves as a strong warning. It emphasizes the need for regulatory compliance. This is essential to ensure stability and integrity in the financial system. This action shows the central bank will not tolerate violations. When BoG suspends UBA Ghana, it sends a clear message. It reinforces its commitment to enforcing financial laws. This incident also reminds other banks of their responsibilities. All institutions must handle foreign exchange with care.

Source: Citi Newsroom