The Bank of Ghana has officially withheld the Foreign Exchange Trading Licence of United Bank for Africa (UBA Ghana) for engaging in acts that constitute a contravention of the foreign exchange market regulations.
In the month-long revocation notice which was widely released by its Communications Department on Thursday, 4th September 2025, the Bank of Ghana said UBA Ghana had also been cited for violating the 2023 Updated Guidelines for Inward Remittance Services by Payment Service Providers.
According to the Central Bank, UBA Ghana conducted unauthorised remittance activities with Payment Service Providers(PSPs); Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc., on behalf of Money Transfer Operators (MTOs) Top Connect, Send App, Taptap Send, Remit Choice and Afriex.
Consequently, the Bank of Ghana indicated that it had also invalidated all remittance partnerships between UBA Ghana and DEMIS/PSPs/MTOs.
It has directed that all DEMIs/PSPs/MTOs that wish to engage UBA Ghana in future partnerships must re-apply after the suspension period elapses.
The Bank of Ghana has officially withheld the Foreign Exchange Trading Licence of United Bank for Africa (UBA Ghana) for engaging in acts that constitute a contravention of the foreign exchange market regulations.
In a revocation notice published on its social media pages on Thursday, 4th September 2025, it said UBA Ghana had also been cited for violating the 2023 Updated Guidelines for Inward Remittance Services by Payment Service Providers.
According to the Central Bank, UBA Ghana conducted unauthorised remittance activities with Payment Service Providers(PSPs); Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc., on behalf of Money Transfer Operators (MTOs) Top Connect, Send App, Taptap Send, Remit Choice and Afriex.
Consequently, the Bank of Ghana indicated that it had also invalidated all remittance partnerships including DEMIS/PSPs/MTOs. Accordingly, therefore, all DEMIs/PSPs/MTOs that wish to engage UBA Ghana in future partnerships must re-apply after the suspension period elapses.
By this statement, the Bank of Ghana cautions foreign exchange market players to adhere strictly to the applicable forex market regulations and guidelines.
By sterley Asumadu
