By Jibril Abdul Mumuni
Accra, Oct. 18, GNA – 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 decision, communicated through a press release issued by the Communications Department of the Bank of Ghana on October follows UBA’s successful adherence to the conditions imposed during its suspension period.
The licence was originally suspended for one month, effective September due to “multiple violations of the foreign exchange market regulations, including the Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023, as amended.
The Central Bank’s earlier statement had noted that UBA Ghana had engaged in “unauthorised remittance activities” in collaboration with several Payment Service Providers (PSPs) and Money Transfer Operators (MTOs) such as Halges Financial Technologies Limited, Cellulant Limited, Flutterwave Inc., Top Connect, Send App, Taptap Send, Remit Choice and Afriex.
The new directive however, confirms that the remedial measures implemented by UBA Ghana in response to the suspension conditions have been reviewed and found satisfactory by the Bank.
The Bank of Ghana reiterated its commitment to maintaining the integrity of the foreign exchange market and ensuring that all licensed market participants operated in strict compliance with the Foreign Exchange Act, 2006 (Act 723), and all other applicable regulatory guidelines.
During the period of the suspension, all remittance partnerships between UBA Ghana and the named entities were temporarily halted, with the BoG requiring a re-application for approval for any future collaborations after the suspension elapsed.
GNA
18 Oct. 2025
Edited by Samuel Osei-Frempong