News Guide Africa

Tag: UBA Bank

  • Remittance Regulatory Breach: BoG cracks the whip against UBA and partner PSPs and MTOs

    Remittance Regulatory Breach: BoG cracks the whip against UBA and partner PSPs and MTOs

    In its efforts to maintain regulatory grips on the foreign exchange market, the Bank of Ghana has suspended the trading license of United Bank for Africa (UBA) Ghana and its partnering Payment Service Providers (PSPs) and Money Transfer Operators (MTOs).

    The one-month suspension, effective September 18, 2025, was imposed under Section 11(2) of the Foreign Exchange Act, 2006 (Act 723).

    The decision follows multiple breaches of foreign exchange market regulations, including the Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023, as amended by Notice No. BG/GOV/SEC/2025/25.

    UBA Ghana is charged with unauthorised remittance transactions with Payment Service Providers Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc. on behalf of Money Transfer Operators (MTOs) including Top Connect, Send App, Taptap Send, Remit Choice, and Afriex.

    As part of the sanctions, all remittance partnerships between UBA Ghana and DEMIs, PSPs, and MTOs have been suspended. The central bank stated that any such entities seeking future partnerships with UBA Ghana must reapply for approval after the suspension period ends.

    Meanwhile, the central bank noted that, the suspended operators will only be allowed to resume activities after their partner payment service providers (PSPs) or banks re-apply for approval and the applications are duly considered by the BoG, following the expiration of the suspension.

    The Bank further cautioned players in the foreign exchange market to comply strictly with existing forex market regulations and guidelines to avoid similar sanctions.

     

  • UBA among World’s Safest Banks – Global Finance

    UBA among World’s Safest Banks – Global Finance

    Adnan Adams Mohammed

    United Bank for Africa (UBA) Ghana has been rated one of the World’s safest banks  in the 2022 rankings.

    According to the international financial magazine, Global Finance, UBA placed 4th position in Africa and the only bank in Ghana to make it into the prestigious list provided by three rating Agencies-Moody’s, Standard & Poor’s and Fitch.

    A statement issued by the magazine says, “As banking systems in most regions of the world struggle with widespread economic stress and the lingering effects of the pandemic, our Safest Bank rankings recognize country winners that demonstrated resilience in preserving their franchises to earn this important designation.”

    Commenting on this honour by Global Finance, Chris Ofikulu, Managing Director of UBA Ghana says, “This recognition is the outcome of UBA’s vision to be the leading financial institution and diligent management of our assets which have placed the bank among the safest banks in the world. We are really delighted that our desire to offer first-rate banking solutions to our valued clients has been globally recognised.”

    “We remain committed to upholding the trust of our customers and continue to seamlessly meet their banking needs and expectations.”

    According to Global Finance, “To be eligible for inclusion among the Safest Banks by Country, entities must be among the world’s largest 1,000 banks by assets and carry at least one long-term foreign currency deposit or debt rating from one of the three major rating agencies.”