BoG suspends five MTOs, sanctions UBA Ghana over forex breaches

The Bank of Ghana (BoG) has suspended the operations of five Money Transfer Operators (MTOs) and the foreign exchange trading licence of United Bank for Africa (UBA) Ghana for one month over regulatory breaches.

In a statement issued in Accra on Friday, the Central Bank said the suspension of the MTOs—Taptap Send, Top Connect, Remit Choice, Send App and Afriex—took effect from September 18, 2025.

According to the BoG, the action was necessitated by “various breaches” of the Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023, as amended by Bank of Ghana Notice No. BG/GOV/SEC/2025/25.

The Central Bank explained that the affected MTOs were found to have conducted unauthorised remittance transactions through Payment Service Providers (PSPs)—Halges Financial Technologies Limited, Cellulant Limited and Flutterwave Inc, using UBA Ghana as their settlement bank.

“These MTOs shall be permitted to re-engage in remittance activities only upon re-application by their partner PSPs or banks for the Bank of Ghana’s consideration, following the expiration of the suspension period,” the statement said.

The Central Bank cautioned all foreign exchange market players to adhere strictly to applicable forex regulations and guidelines to ensure transparency, stability, and integrity of Ghana’s financial system.

In a related development, the BoG has suspended the foreign exchange trading licence of UBA Ghana, also effective September 18, 2025, for a period of one month.

The regulator said the sanction followed “multiple violations of the foreign exchange market regulations, including the Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023.”

Investigations by the Central Bank revealed that UBA Ghana facilitated unauthorised remittance activities with PSPs—Halges Financial Technologies Limited, Cellulant Limited and Flutterwave Inc.—on behalf of the five suspended MTOs.

Consequently, all remittance partnerships between UBA Ghana and any DEMIs, PSPs or MTOs have been suspended.

BoG said institutions wishing to engage UBA Ghana in remittance partnerships in future must re-apply after the suspension period elapses.

The BoG reiterated its resolve to enforce compliance with foreign exchange regulations, stressing that strict adherence to the rules was necessary to safeguard the country’s foreign exchange market and financial stability.

“The Bank of Ghana cautions foreign exchange market players to adhere strictly to the applicable forex market regulations and guidelines,” the statement emphasised.

By KINGSLEY ASARE

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