UBA Foreign Exchange Trading Licence Frozen
The Bank of Ghana has frozen the Foreign Exchange Trading Licence of United Bank for Africa (UBA Ghana).
The sanction will take effect on September 18, 2025, for a period of one (1) month, in accordance with section 11(2) of the Foreign Exchange Act, 2006 (Act 723), it said in a statement.
It comes after the financial institution engaged in unauthorised remittance activities with 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.
This, it said, was in violation of the foreign exchange market regulations, including the Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023, as amended by Bank of Ghana Notice No. BG/GOV/SEC/2025/25.
“All remittances partnerships held between UBA Ghana and DEMIs/PSPs/MTOs have been suspended,” it noted.
It further directed DEMIs/PSPs/MTOs who wish to engage UBA Ghana in future partnerships to re-apply after the suspension period elapses.
Story by Hajara Fuseini
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