BoG suspends remittance partnerships of five operators over breaches

The Bank of Ghana (BoG) has suspended the remittance partnerships of five Money Transfer Operators (MTOs) for one month over regulatory breaches.

The affected operators are Taptap Send, Top Connect, Remit Choice, Send App, and Afriex. The suspension, which takes effect from September 18, 2025, follows what the central bank described as “various breaches of the Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023, as amended by Bank of Ghana Notice No. BG/GOV/SEC/2025/25.”

According to the BoG, the MTOs were found to have engaged in unauthorised remittance activities with Payment Service Providers (PSPs): Halges Financial Technologies Limited, Cellulant Limited and Flutterwave Inc. — through their settlement bank, UBA Ghana.

In a statement issued on Thursday, September 4, 2025, the central bank stressed that the affected operators would only be allowed to resume remittance activities “upon the re-application by their partner PSPs or banks for the Bank of Ghana’s consideration, following the expiration of the suspension period.”

The BoG further cautioned foreign exchange market participants to comply strictly with regulations, noting that adherence to market guidelines remained critical to ensuring the integrity and stability of the country’s financial system.