EX TV GH People Matter
The Bank of Ghana has suspended the remittance partnerships of five Money Transfer Operators (MTOs) effective September 18, 2025, for a period of one month. The affected MTOs are Taptap Send, Top Connect, Remit Choice, Send App, and Afriex.
According to a press release issued by the Communications Department of the Bank of Ghana on September 4, 2025, the suspension was necessitated by various breaches of the *Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023*. The guidelines were amended by Bank of Ghana Notice No. BG/GOV/SEC/2025/25.
The Bank of Ghana stated that the suspended MTOs conducted unauthorized remittance activities with Payment Service Providers (PSPs) – Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc., through their settlement bank, UBA Ghana.
The central bank cautioned foreign exchange market players to adhere strictly to applicable forex market regulations and guidelines in the statement.
The suspended MTOs will be permitted to re-engage in remittance activities only upon re-application by their partner PSPs or banks for the Bank of Ghana’s consideration after the expiration of the suspension period.
The move underscores the Bank of Ghana’s commitment to enforcing regulations in the financial sector, particularly in the remittance services space, to ensure compliance and stability in the country’s financial system.
