The Bank of Ghana (BoG) has recently announced the suspension of Wise, Zeepay, and other international money transfer companies from sending remittances into the country.
The companies include XOOM, LemFi, TransferGo, Sendvalu, Boss Revolution, BTC-Aza Finance, and Supersonicz.
Rule violations
According to the BoG, 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 BoG claims 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 BoG also alleges that these companies are violating the Foreign Exchange Act, 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 that customers cannot use Wise and other international money transfer companies to send or receive money to Ghana.
The BoG has advised customers to use alternative channels that are licensed and regulated by the BoG, such as banks, mobile money operators, and remittance companies.
What are the alternatives available?
Customers who need to send or receive money across borders 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 through wire transfers or SWIFT transfers.
- Remittance companies: Customers can use remittance companies such as Western Union, MoneyGram, Ria, WorldRemit, or Xpress Money to send or receive money through cash pick-up or bank deposit.
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