ACCRA — The Bank of Ghana (BoG) has suspended five money transfer operators (MTOs)—Taptap Send, Top Connect, Remit Choice, Send App, and Afriex, for a period of one month, effective September 18, 2025. The suspension is due to multiple violations of the Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023. According to a statement released by the BoG’s Communications Department, the MTOs engaged in unauthorized remittance activities with payment service providers Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc., with transactions settled through UBA Ghana.
The statement from the central bank further clarifies that the suspension is a direct result of these entities breaching Bank of Ghana Notice No. BG/GOV/SEC/2025/25. The affected MTOs will only be permitted to resume their remittance activities in Ghana after the suspension period has expired and their partner payment service providers or banks have reapplied for the central bank’s consideration and approval. This measure underscores the BoG’s commitment to enforcing strict compliance within the country’s financial sector.
In issuing the suspension, the Bank of Ghana also used the opportunity to issue a broader warning to all players in the foreign exchange market. The central bank urged these entities to strictly adhere to the applicable forex market regulations and guidelines. This action highlights the BoG’s proactive stance in maintaining the integrity and stability of the Ghanaian financial system and ensuring that all participants operate within the legal and regulatory framework.
Ruth Abla ADJORLOLO
