The Bank of Ghana (BoG) has suspended the remittance partnerships of five Money Transfer Operators (MTOs) — Taptap Send, Top Connect, Remit Choice, Send App, and Afriex — effective September 18, 2025. The suspension, which will last for one month, follows regulatory breaches.
According to the central bank, the affected firms 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, BoG explained, involved unauthorised remittance transactions with Payment Service Providers (PSPs) — Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc. — through their settlement bank, UBA Ghana.
The central bank noted that the suspended MTOs will only be allowed to resume remittance operations after their partner PSPs or banks reapply for approval, subject to BoG’s review at the end of the suspension period.
In a statement issued on September 4, the BoG further cautioned all participants in the foreign exchange market to strictly comply with regulations and guidelines governing forex transactions.
Click here to read the statement by BoG
Source:Lovinghananews.com
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