The Bank of Ghana has suspended the remittance partnerships of some Payment Service Providers (PSPs).
A statement issued by the central bank explained that it took the regulatory action against the affected firms for breaches of 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 remittance partnerships of Flutterwave Inc. and Cellulant Ghana Limited are suspended for a period of one (1) month, effective September 18, 2025, for breaching paragraphs 5 and 7.1 – 7.3 of the aforementioned guidelines.
Halges Financial Technologies Limited is prohibited from engaging in any remittance activities unless and until prior approval has been duly granted by the bank.
In the statement issued by its Communications Directorate, the bank stated that “These sanctions are as a result of multiple violations of the Updated Guidelines for Inward Remittance Services for Payment Service Providers, 2023, as amended by Bank of Ghana Notice No. BG/GOV/SEC/2025/25.
The affected PSPs were found to have conducted unauthorized remittance activities on behalf of some Money Transfer Operators (MTOs), including Top Connect, Send App, Taptap Send, Remit Choice, and Alfriex, through their settlement bank, United Bank for Africa Ghana Limited (UBA).”
The bank added that “All remittance partnerships between these PSPs and MTOs are hereby suspended. Any bank or MTO seeking to engage the affected PSPs for remittance services in the future must re-apply for approval after the suspension period has lapsed.”
“The Bank of Ghana cautions all market players to adhere strictly with the Updated Guidelines for Inward Remittance Services by Payment Service Providers and all applicable foreign exchange market regulations. Non-compliance will attract further regulatory sanctions in accordance with the law.”
By: Rainbowradioonline.com/Ghana