BoG Suspends UBA Ghana and Five Money Transfer Operators Over Regulatory Breaches

The Bank of Ghana (BoG) has begun a one-month suspension of the remittance partnerships of five Money Transfer Operators (MTOs) and the Foreign Exchange Trading Licence of United Bank for Africa (UBA Ghana).

The decision, announced in a statement dated September 4, 2025, took effect on Thursday, September 18, 2025. The move forms part of the central bank’s ongoing efforts to sanitize the remittance sector and enforce strict regulatory compliance.

The suspension impacts five MTOs—Taptap Send, Top Connect, Remit Choice, Send App, and Afriex—over their involvement in unauthorised remittance transactions with Payment Service Providers (PSPs) through UBA Ghana as their settlement bank.

According to the BoG, the affected MTOs may only resume operations once their partner PSPs or banks reapply for approval after the suspension period.

UBA Ghana’s one-month suspension follows multiple breaches of foreign exchange market regulations, including violations of the Updated Guidelines for Inward Remittance Services by PSPs (2023), as amended by the Bank of Ghana.

The International Monetary Fund (IMF) has lauded the central bank’s latest enforcement measures, describing them as an important step toward reinforcing the cedi’s role as the sole legal tender while enhancing transparency and stability in Ghana’s foreign exchange market.