The Bank of Ghana has suspended the remittance partnerships of five Money Transfer Operators (MTOs) effective September 18, 2025. The affected MTOs are Taptap Send, Top Connect, Remit Choice, Send App, and Afriex.
According to the Bank of Ghana’s press release issued on September 4, 2025, the suspension is due to various breaches of the Updated Guidelines for Inward Remittance Services by Payment Service Providers. The MTOs conducted unauthorized remittance activities with Payment Service Providers (PSPs) including Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc. through their settlement bank, UBA Ghana.
The suspension will last for one month. After this period, the MTOs can re-engage in remittance activities only upon re-application with their partner PSPs or banks for the Bank of Ghana’s consideration.
In the statement, the Bank of Ghana cautioned foreign exchange market players to adhere strictly to applicable forex market regulations and guidelines.
The move by the Bank of Ghana aims to ensure compliance with regulations governing inward remittance services in Ghana.