Bank of Ghana lifts suspension of foreign exchange licence of UBA

The Bank of Ghana (BoG) has lifted the suspension of the Foreign Exchange Trading Licence of United Bank for Africa (UBA) Ghana Limited, effective 19 October 2025.

According to a statement from the Central Bank, the decision follows UBA’s compliance with the suspension conditions and the successful implementation of remedial measures which have been reviewed and deemed satisfactory by the BoG.

Background

It will be recalled that the Bank of Ghana suspended the Foreign Exchange Trading Licence of UBA Ghana on 18 September 2025 for a period of one (1) month.

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In a statement issued on Thursday, 4 September 2025, the Central Bank explained that the decision was taken under Section 11(2) of the Foreign Exchange Act, 2006 (Act 723). The regulator cited several breaches of foreign exchange market regulations, including violations of the Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023, as amended by Notice No. BG/GOV/SEC/2025/25.

UBA Ghana was found to have engaged in unauthorised remittance activities with three (3) Payment Service Providers (PSPs): Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc. These activities were conducted on behalf of several Money Transfer Operators (MTOs), including Top Connect, Send App, Taptap Send, Remit Choice, and Afriex.

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The BoG reiterated its commitment to maintaining the integrity of Ghana’s foreign exchange market and ensuring that all licensed participants operate in full compliance with the Foreign Exchange Act, 2006 (Act 723) and other regulatory requirements.