United Bank for Africa (UBA) Ghana’s foreign exchange trading license has been suspended by the Bank of Ghana for a period of one month, with effect from September 18, 2025.
The decision was made in accordance with section 11(2) of the Foreign Exchange Act, 2006 (Act 723), the central bank said in a statement released on Thursday, in response to what it called “multiple violations of the foreign exchange market regulations.”
Three payment service providers—Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc.—were involved in the breaches, according to the regulator. These companies were acting on behalf of money transfer operators Top Connect, Send App, Taptap Send, Remit Choice, and Afriex.
According to the statement, “all remittance partnerships between UBA Ghana and DEMIs/PSPs/MTOs have been suspended.”
Additionally, any money transfer operators, payment service providers, or any electronic money issuers that would like to collaborate with UBA Ghana in the future must reapply following the suspension period.
Players in the foreign currency market were also advised by the Bank of Ghana to “adhere strictly to the applicable forex market regulations and guidelines.”
The suspension comes as the central bank has been stepping up its oversight of inward remittance services and FX market operations throughout the financial industry.
Source: newsthemegh.com