UBA Ghana’s foreign exchange license reinstated after one-month suspension

The Bank of Ghana (BoG) has reinstated the Foreign Exchange Trading Licence of United Bank for Africa (UBA) Ghana Limited, effective October 19, 2025, following a one-month suspension.

In a statement issued by the central bank on October 18, 2025, the regulator said the decision to lift the suspension comes after UBA Ghana adhered to the conditions imposed during the sanction period and implemented remedial measures that were reviewed and found satisfactory.

“The Bank of Ghana hereby gives notice of the lifting of the suspension of the Foreign Exchange Trading Licence of United Bank for Africa (UBA) Ghana Limited, effective 19 October 2025,” part of the statement read.

BoG emphasised its commitment to maintaining the integrity of the foreign exchange market and ensuring that all licensed market participants operate strictly in compliance with the Foreign Exchange Act, 2006 (Act 723) and all other applicable regulatory guidelines.

On September 18, 2025, the Bank of Ghana suspended the foreign exchange trading licence of UBA Ghana for multiple violations of forex market regulations.

The central bank, at the time, cited breaches of the Updated Guidelines for Inward Remittance Services by Payment Service Providers (2023) and the Bank of Ghana Notice No. BG/GOV/SEC/2025/25.

“All remittance partnerships held between UBA Ghana and DEMIs/PSPs/MTOs have been suspended,” the earlier statement said, adding that all interested partners would be required to reapply after the suspension period.

UBA Ghana was reported to have conducted unauthorised remittance activities with Payment Service Providers, including Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc., on behalf of Money Transfer Operators (MTOs) such as Top Connect, Send App, Taptap Send, Remit Choice, and Afriex.

The suspension was invoked under section 11(2) of the Foreign Exchange Act, 2006 (Act 723), a move BoG said was necessary to enforce compliance within the forex and remittance space.

SSD/AE

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