The Bank of Ghana (BoG) has suspended the operations of five Money Transfer Operators (MTOs) — Taptap Send, Top Connect, Remit Choice, Send App, and Afriex — over breaches of remittance regulations.
The suspension, which takes effect on September 18, 2025, will remain in force for one month.
In a statement issued on Thursday, September 4, the Central Bank explained that the affected firms violated provisions of the Guidelines for Inward Remittance Services by Payment Service Providers, 2023, as updated by Notice No. BG/GOV/SEC/2025/25.
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The infractions involved carrying out unauthorised remittance transactions with Payment Service Providers (PSPs) — Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc. — through their settlement bank, UBA Ghana.
According to the BoG, the suspended MTOs will only be permitted to resume operations if their partner PSPs or banks reapply for approval, which will be considered after the suspension period.
The regulator further reminded all stakeholders in the foreign exchange market to adhere strictly to existing laws and guidelines governing forex and remittance transactions.
Story By: Afia Ohenewaa Akyerem