With effect from September 18, 2025, the Bank of Ghana has declared that it has suspended United Bank for Africa's (UBA Ghana) foreign exchange trading license.

The suspension is for a period of one month in accordance with section 11(2) of the Foreign Exchange Act 2006, the Bank of Ghana stated in a notice issued earlier this evening.

Reasons

In a statement, the Bank of Ghana also stated that several infractions of the rules governing the foreign exchange market led to the action.

The Bank of Ghana has been aware of 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."

Additionally, it stated that on behalf of Money Transfer Operators (MTOs) Top Connect, Send App, Taptap Send, Remit Choice, and Afriex, UBA Ghana engaged in unauthorized remittance activities with the following Payment Service Providers (PSPs): Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc.

The regulator in the statement, also announced that all remittance partnerships held between UBA Ghana and DEMIs/PSPs/MTOs have been suspended.

If DEMIs, PSPs, or MTOs want to work with UBA Ghana in the future, they must reapply once the suspension term is over.