Africa-Press – Ghana. The Bank of Ghana (BoG) has suspended remittance partnerships with five Money Transfer Operators (MTOs) following a series of regulatory breaches.
In a statement, the Central Bank said effective September 18, 2025, the operations of Taptap Send, Top Connect, Remit Choice, Send App, and Afriex would be halted for one month.
The suspension comes from “various breaches of the Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023, as amended by Bank of Ghana.
The statement said the Central Bank’s findings indicated that the MTOs conducted unauthorized
remittance activities with Payment Service Providers (PSPs) including Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc., utilizing their settlement bank, UBA Ghana.
lt said this action was a clear demonstration of the Bank’s commitment to upholding the integrity and security of the financial sector.
The Bank cautioned all foreign exchange market players to adhere strictly to existing forex market regulations and guidelines.
“Following the one-month suspension, the affected MTOs will have the opportunity to re-engage in remittance activities,” the statement said.
The Central Bank noted that their partner PSPs or banks must submit a new application for the Bank of Ghana’s consideration.
“This provision serves as a critical pathway for the companies to demonstrate their commitment to rectifying the identified breaches and ensuring
future operations are fully compliant with the central bank’s regulatory framework,” it said.
The Bank of Ghana’s decision emphasised that compliance is a mandatory prerequisite for operating within the Ghanaian financial ecosystem.
The re-application process provides a structured avenue for the MTOs to regain trust and show they can operate within the confines of the law.
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