The Bank of Ghana has, from today, commenced a one-month suspension of the remittance partnerships of five Money Transfer Operators (MTOs) as well as the Foreign Exchange Trading Licence of United Bank for Africa (UBA Ghana).

The Central Bank announced the measure in a September 4, 2025, statement, with the suspension taking effect from September 18, 2025.

The Bank of Ghana’s latest crackdown on the remittance sector is being viewed as part of efforts to sanitise the market and strengthen regulatory compliance.

The suspension affects five Money Transfer Operators, including Taptap Send, Top Connect, Remit Choice, Send App and Afriex, whose partnerships have been flagged for engaging in unauthorised remittance transactions with Payment Service Providers (PSPs) through their settlement bank, UBA Ghana.

According to the Bank of Ghana, the affected Money Transfer Operators will only be permitted to resume operations once their partner Payment Service Providers or banks reapply for approval at the end of the one-month suspension period.

In addition, the one-month suspension of the Foreign Exchange Trading Licence of United Bank for Africa (UBA Ghana) has also taken effect today.

The Bank was cited for multiple breaches of foreign exchange market regulations. These include violations of the Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023, as amended by the Bank of Ghana.

The International Monetary Fund has welcomed the Bank of Ghana’s latest crackdown on the remittance sector, describing it as a step toward reinforcing the cedi’s role as the sole legal tender and enhancing transparency in Ghana’s foreign exchange market.