The Bank of Ghana has suspended five international money transfer operators for one month after finding they breached rules on inward remittances, widening a regulatory crackdown that also hit UBA Ghana.
The firms – Taptap Send, Top Connect, Remit Choice, Send App and Afriex – will be barred from operating from Sept. 18, the Bank of Ghana said in a statement on Thursday.
According to the regulator, the operators engaged in unauthorised transactions with local payment service providers Halges Financial Technologies, Cellulant and Flutterwave, using UBA Ghana as their settlement bank. The bank itself was also suspended from foreign exchange trading for a month over similar breaches.
“These MTOs shall be permitted to re-engage in remittance activities only upon the 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 decision underscores the Bank of Ghana’s tighter enforcement of rules in the remittance and foreign exchange markets. The regulator also cautioned all market participants to strictly observe guidelines or face sanctions.
Remittance inflows are a vital source of foreign exchange for Ghana, providing billions of dollars annually that support household consumption and the wider economy.
But the central bank said the suspensions were necessary after the operators broke rules governing inward transfers. The move could temporarily disrupt popular services such as Taptap Send and Remit Choice, though alternative licensed providers remain in the market.
