The Bank of Ghana (BoG) has suspended the remittance partnerships of four major Money Transfer Operators (MTOs) for one month, effective September 18, 2025.
The affected companies are:
- Taptap Send
- Top Connect
- Remit Choice
- Send App Afriex
In a statement issued on Thursday, September 4, 2025, the central bank explained that the suspension follows breaches of the Updated Guidelines for Inward Remittance Services by Payment Service Providers (2023), as amended under Notice No. BG/GOV/SEC/2025/25.
Breaches and Sanctions
According to the BoG, the sanctioned MTOs engaged in unauthorised remittance activities with Payment Service Providers (PSPs) — namely Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc. — through their settlement bank, UBA Ghana.
The regulator stressed that the affected MTOs will only be allowed to resume operations after their partner PSPs or banks re-apply for approval upon the expiration of the suspension period.
BoG’s Caution to Forex Market Players
The Bank of Ghana further cautioned all foreign exchange market participants to strictly comply with forex market regulations and remittance guidelines, warning that violations will attract strict sanctions.
This move highlights the central bank’s effort to tighten oversight in Ghana’s remittance and foreign exchange market, which plays a critical role in the economy.
