The Bank of Ghana (BoC) recently announced his suspension Wise, Zeepayand other international money transfer companies from sending remittances to the country.
Companies include; XOOM, LemFi, TransferGo, Sendvalu, Boss Revolution, BTC-Aza Finance and Supersonicz.
Violations of rules
According to the BoE, the suspension is part of its efforts to enforce the Payment Systems and Services Act 2019 (Act 987), which regulates the provision of payment services in Ghana. The TCC alleges that Wise and other international money transfer companies are not licensed or authorized to operate as electronic money issuers or payment service providers in Ghana.
The CoE also alleges that these companies are in violation of the Foreign Exchange Act of 2006 (Act 723), which prohibits the use of foreign currency as a medium of exchange in Ghana.
What are the implications for customers?
The suspension means customers cannot use Wise and other international money transfer companies to send or receive money in Ghana.
The Bank has advised customers to use alternative channels that are licensed and controlled by the Bank, such as banks, mobile operators and remittance companies.
What are the alternatives available?
Customers who need to send or receive money cross-border have a few options to choose from. Some of these options are:
- Bank Transfers: Customers can use their bank accounts to send or receive money via bank transfers or SWIFT.
- Remittance companies: Customers can use remittance companies such as Western Union, MoneyGram, Ria, WorldRemit or Xpress Money to send or receive money via cash receipt or bank deposit.
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