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The Bank of Ghana (BoG) has suspended the remittance partnerships of five Money Transfer Operators (MTOs) for breaching regulatory guidelines.
The affected operators are Taptap Send, Top Connect, Remit Choice, Send App, and Afriex. Their suspension takes effect from September 18, 2025, and will last for one month.
In a statement issued on Thursday, September 4, the central bank explained that the companies violated provisions of the Guidelines for Inward Remittance Services by Payment Service Providers, 2023, as amended by Notice No. BG/GOV/SEC/2025/25.
The breaches were linked to unauthorized remittance transactions conducted with Payment Service Providers (PSPs), Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc. through their settlement bank, UBA Ghana.
According to the BoG, the suspended MTOs can only resume operations after their partner PSPs or banks reapply for approval, which will be subject to the regulator’s review at the end of the suspension period.
The Bank further cautioned all players in the foreign exchange and remittance market to adhere strictly to existing regulations and guidelines to ensure stability and compliance within Ghana’s financial system.
