Five Money Transfer Operators (MTOs) have had their remittance partnerships suspended by the Bank of Ghana for a period of one month, and United Bank for Africa’s (UBA Ghana) foreign exchange trading license has also been suspended.
The Central Bank made the announcement in a statement on September 4, 2025, and the suspension would go into force on September 18, 2025.
One interpretation of the Bank of Ghana’s most recent assault on the remittance industry is that it is an attempt to clean up the market and improve regulatory compliance.
Afriex, Taptap Send, Top Connect, Remit Choice, and Send App are among the five money transfer operators that have been suspended. Their partnerships have been reported for conducting unauthorized remittance transactions with Payment Service Providers (PSPs) via their settlement bank, UBA Ghana.
Only after their partner Payment Service Providers or banks reapply for clearance at the conclusion of the one-month suspension period will the impacted Money Transfer Operators be allowed to resume operations, according to the Bank of Ghana.
Additionally, United Bank for Africa’s (UBA Ghana) one-month suspension of its foreign exchange trading license went into effect today.
The Bank received numerous citations for violating rules governing the foreign currency market. Among these are infractions of the Bank of Ghana’s revised 2023 Updated Guidelines for Inward Remittance Services by Payment Service Providers.
The Bank of Ghana’s recent assault on the remittance industry has been praised by the International Monetary Fund, which sees it as a step toward strengthening the cedi’s position as the only legal tender and improving transparency in Ghana’s foreign exchange market.
Source: newsthemegh.com