- The Bank of Ghana has suspended United Bank for Africa (UBA) Ghana’s foreign exchange trading licence for one month, citing multiple regulatory breaches.
- The bank allegedly conducted unauthorised remittance transactions with several payment service providers and money transfer operators.
- All related partnerships have been terminated, and future collaborations must be reapproved after the suspension period.
The Bank of Ghana has pulled the brakes on United Bank for Africa (UBA) Ghana’s foreign exchange operations, suspending its trading licence for one month starting September 18. The move follows a string of violations involving unauthorised remittance transactions with digital payment platforms and money transfer operators.
According to the central bank, UBA Ghana facilitated transfers through Halges Financial Technologies, Cellulant, and Flutterwave — bypassing regulatory protocols. These transactions were linked to operators such as Top Connect, Send App, Taptap Send, Remit Choice, and Afriex.
As part of the sanctions, all remittance partnerships between UBA Ghana and the implicated entities have been terminated. The Bank of Ghana has made it clear: any future collaborations must go through a fresh approval process once the suspension ends.
This crackdown is part of a broader effort by the central bank to tighten oversight in Ghana’s foreign exchange and remittance space — a sector often plagued by compliance lapses. The regulator has warned that further breaches will attract harsher penalties.
For UBA Ghana, the suspension is more than a temporary setback. It’s a reputational hit in a market where trust and transparency are currency. For the financial sector at large, it’s a reminder that the rules are no longer optional.
