Bank of Ghana Suspends Five Remittance Partners for One Month
- The Bank of Ghana is suspending all remittance partnerships of Taptap Send, Top Connect, Remit Choice, Send App, and Afriex for one month.
- The suspension is due to breaches of the Updated Guidelines for Inward Remittance Services by Payment Service Providers.
- The firms were found to have conducted unauthorized remittance activities with certain payment service providers.
The suspension of remittance partnerships by the Bank of Ghana highlights the need for stricter regulatory compliance in the remittance sector. While it aims to curb unauthorized flows, it could significantly impact the livelihoods of those relying on these remittances. Further discussions should focus on how to balance regulation with the need for accessible remittance services.
