The Bank of Ghana (BoG) has suspended the remittance partnerships of five Money Transfer Operators (MTOs) for a period of one month, effective September 18, 2025.
The move is a consequence of the MTOs breaching the central bank’s updated guidelines for inward remittance services.
The affected MTOs are Taptap Send, Top Connect, Remit Choice, Send App, and Afriex.
According to a press release issued by the BoG’s Communications Department on September 4, 2025, the suspension resulted from the operators conducting unauthorized remittance activities with several Payment Service Providers (PSPs).
These PSPs included Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc., with transactions routed through their settlement bank, UBA Ghana.
According to the central bank, its decision aligns with its mandate to ensure strict adherence to the Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023, as amended by Bank of Ghana Notice No. BG/GOV/SEC/2025/25.
The bank further clarified that the suspended MTOs can only resume remittance activities after the one-month suspension period and only upon re-application by their partner PSPs or banks.
It explained that the application will be subject to the Bank of Ghana’s consideration and approval.
The central bank concluded its statement by cautioning all foreign exchange market players to strictly follow all applicable regulations and guidelines.
By: Rainbowradioonline.com/Ghana
