The Bank of Ghana has announced the suspension of United Bank for Africa (UBA) Ghana’s foreign exchange trading licence for one month, effective September 18, 2025. The move follows multiple breaches of the country’s foreign exchange regulations.
In a statement, the central bank said the violations involved unauthorised remittance transactions carried out with three payment service providers, Halges Financial Technologies, Cellulant, and Flutterwave — on behalf of money transfer operators including Top Connect, Send App, Taptap Send, Remit Choice, and Afriex.
“All remittance partnerships held between UBA Ghana and DEMIs, PSPs, or MTOs are suspended,” the statement read. It added that any future collaborations will require a fresh application once the suspension period ends.
The Bank of Ghana warned other forex market operators to strictly comply with regulations, noting that the action is part of broader efforts to tighten oversight of the country’s foreign exchange and inward remittance services.
The suspension reflects the central bank’s ongoing commitment to maintaining transparency, accountability, and stability in Ghana’s financial sector.
