The Bank of Ghana has suspended United Bank for Africa Ghana’s foreign exchange trading licence for one month starting September 18, 2025, citing multiple regulatory violations involving unauthorized remittance partnerships.
The central bank announced Thursday that UBA Ghana breached foreign exchange market regulations, including the Updated Guidelines for Inward Remittance Services by Payment Service Providers established in 2023. The suspension follows the bank’s unauthorized remittance activities with several payment service providers and money transfer operators.
According to the Bank of Ghana statement, UBA Ghana conducted unauthorized remittance operations with Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc., representing money transfer operators including Top Connect, Send App, Taptap Send, Remit Choice, and Afriex.
The regulatory action mirrors recent enforcement measures against other financial institutions. In March 2024, the Bank of Ghana suspended forex trading licences for Guaranty Trust Bank Ghana Limited and FBNBank Ghana Limited for similar regulatory violations. Consolidated Bank Ghana faced a one-month suspension in November 2024 under the same Foreign Exchange Act provisions.
The suspension encompasses all existing remittance partnerships between UBA Ghana and digital electronic money issuers, payment service providers, and money transfer operators. Organizations seeking future partnerships with UBA Ghana must submit new applications after the suspension period concludes.
UBA Ghana operates as the local subsidiary of United Bank for Africa, one of Africa’s largest financial institutions with operations across 20 countries. The bank provides retail and corporate banking services throughout Ghana, including foreign exchange operations that facilitate international trade and remittances.
Ghana’s foreign exchange market has experienced increased regulatory scrutiny as authorities work to stabilize the cedi and ensure compliance with international financial standards. The Bank of Ghana has implemented stricter oversight measures for financial institutions handling foreign currency transactions and cross-border payments.
The central bank’s enforcement actions reflect broader efforts to regulate Ghana’s rapidly growing digital payments sector. Mobile money and international remittance services have expanded significantly, creating new regulatory challenges for traditional banking oversight frameworks.
Payment service providers and money transfer operators affected by the suspension must now seek alternative banking partnerships to continue operations in Ghana’s market. The disruption could impact remittance flows, particularly for services targeting Ghanaian diaspora communities.
The Foreign Exchange Act 2006 empowers the Bank of Ghana to suspend trading licences for institutions violating market regulations. Section 11(2) specifically addresses unauthorized foreign exchange activities and provides for administrative penalties including temporary licence suspensions.
Industry observers note the increasing frequency of regulatory actions against financial institutions for forex violations. The enforcement pattern suggests heightened compliance expectations as Ghana implements stricter international financial reporting standards.
UBA Ghana has not yet issued a public response to the suspension announcement. The bank must demonstrate regulatory compliance and implement necessary corrective measures before licence restoration after the one-month suspension period.
The Bank of Ghana emphasized its commitment to strict enforcement of foreign exchange regulations, warning market participants to ensure full compliance with applicable guidelines and requirements.
