BoG suspends 5 Money Transfer Operators over regulatory breaches
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.
According to the Central Bank, the suspension will last for one month.
In a statement issued on Thursday, September 4, the BoG said the affected companies breached 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 involved conducting unauthorised remittance transactions with Payment Service Providers (PSPs) — Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc. — through their settlement bank, UBA Ghana.
The BoG noted that the suspended operators will only be allowed to resume remittance services after their partner PSPs or banks reapply for approval, subject to the Bank’s consideration at the end of the suspension period.
The central bank further cautioned players in the foreign exchange market to strictly comply with all regulations and guidelines governing forex transactions.
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