Accra: The Bank of Ghana (BoG) has announced the reinstatement of the Foreign Exchange Trading Licence for United Bank for Africa (UBA) Ghana Limited, effective October 19, 2025. The reinstatement follows UBA's compliance with the conditions set during its suspension period.
According to Ghana News Agency, the decision was communicated through a press release issued by the Communications Department of the Bank of Ghana. The licence had been suspended for one month starting in September due to multiple violations of foreign exchange market regulations, specifically the Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023, as amended.
The Central Bank had previously reported that UBA Ghana was involved in unauthorised remittance activities with several Payment Service Providers (PSPs) and Money Transfer Operators (MTOs), including Halges Financial Technologies Limited, Cellulant Limited, Flutterwave Inc., Top Connect, Send App, Taptap Send, Remit Choice, and Afriex.
The new directive confirms that the remedial measures implemented by UBA Ghana have been reviewed and deemed satisfactory by the Bank. The Bank of Ghana emphasized its commitment to maintaining the integrity of the foreign exchange market and ensuring compliance with the Foreign Exchange Act, 2006 (Act 723), along with other regulatory guidelines.
During the suspension period, all remittance partnerships between UBA Ghana and the named entities were halted, with the BoG requiring a re-application for approval of any future collaborations once the suspension concluded.
