By Francis Kobena Tandoh
The Bank of Ghana (BoG) has announced the suspension of remittance partnerships of five international money transfer operators (MTOs) for a month over breaches of regulatory guidelines, according to a statement sighted by Ghana Eye Report late Thursday.
The statement issued by the BoG’s Communications Department, the sanctions follow breaches of the Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023, as amended by Notice No. BG/GOV/SEC/2025/25.
The affected MTOs include Taptap Send, Top Connect, Remit Choice, Send App, and Afriex. Their operations, according to the Central Bank will be suspended for one month, effective September 18, 2025.
The BoG observed that the operators conducted unauthorised remittance transactions through their partner payment service providers—Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc.—using UBA Ghana as the settlement bank.
The affected firms, the BoG noted may reapply through their partner PSPs or banks to resume operations after the suspension period, subject to approval by the Bank of Ghana.
The BoG further cautioned players in the foreign exchange market to strictly comply with applicable forex regulations and guidelines, warning that any violations would attract sanctions. Enditem
Source: Ghana Eye Report
Find the statement issued by the Bank of Ghana below;
