The Bank of Ghana has restored the foreign exchange trading licence of United Bank for Africa (UBA) Ghana Limited, allowing the bank to resume forex operations from October 19, 2025. The central bank said the decision followed UBA’s full compliance with conditions set during its one-month suspension, which took effect in September this year. The licence was initially withdrawn after the regulator found the bank had breached several foreign exchange market rules, particularly the Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023.
According to a statement from the Bank of Ghana’s Communications Department, UBA Ghana had been involved in unauthorised remittance transactions with a number of payment and money transfer companies. These included Halges Financial Technologies, Cellulant, Flutterwave, Top Connect, Send App, Taptap Send, Remit Choice, and Afriex.
The Bank of Ghana has confirmed that the corrective measures implemented by UBA to address the identified breaches have been thoroughly reviewed and deemed satisfactory. The central bank reiterated its commitment to preserving the integrity of the foreign exchange market and enforcing strict compliance with the Foreign Exchange Act, 2006 (Act 723), alongside other regulatory frameworks.
During the period of suspension, UBA’s engagements with the affected remittance partners were halted, and the bank was instructed to seek fresh approval prior to reactivating any such collaborations. The reinstatement concludes a brief yet notable sanction, highlighting the Bank of Ghana’s intensified scrutiny over foreign exchange and remittance operations within the country’s financial landscape.
Source: Edward Acquah
