The Bank of Ghana (BoG) has announced a one-month suspension of the remittance partnerships of five Money Transfer Operators (MTOs)—Taptap Send, Top Connect, Remit Choice, Send App, and Afriex—effective September 18, 2025.
The decision, outlined in a public notice issued on September 4, 2025, follows multiple breaches of the Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023, as amended by BoG Notice No. BG/GOV/SEC/2025/25.
According to the BoG, the affected MTOs conducted unauthorized remittance activities through Payment Service Providers (PSPs) Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc., in collaboration with their settlement bank, United Bank for Africa (UBA) Ghana.
These violations included non-compliance with protocols for crediting local settlement accounts within 24 hours and adhering to anti-money laundering (AML) and counter-financing of terrorism (CFT) regulations, as stipulated under Section 3(1) of the Foreign Exchange Act, 2006 (Act 723).
The central bank emphasized that the suspensions are part of its broader effort to enforce compliance and maintain the integrity of Ghana’s financial system. “These money transfer operators conducted unauthorized remittance activities with PSPs through their settlement bank, UBA Ghana,” the BoG stated, adding that the MTOs will be permitted to resume operations only after their partner PSPs or banks re-apply for approval following the suspension period.
The notice also highlighted a separate action against UBA Ghana, whose foreign exchange trading license was suspended effective September 18, 2025, for similar violations. The BoG cautioned all foreign exchange market players to adhere strictly to applicable regulations, warning of severe sanctions for future breaches.
This is not the first instance of regulatory action against remittance operators. In November 2024, Taptap Send faced a one-month suspension for operating an unlicensed cedi remittance wallet, a move that disrupted its $100 million monthly transfers to Ghana. Similarly, in 2023, Zeepay Ghana Limited and LemFi faced penalties for non-compliance with remittance guidelines. The BoG’s ongoing crackdown reflects concerns over the $2.4 billion remittance market, which accounts for roughly 6% of Ghana’s GDP, with only about half of inflows reportedly passing through regulated banking channels.
Public reactions on X have expressed frustration over the disruptions, with some users highlighting the impact on families reliant on remittances, while others support the BoG’s efforts to curb unregulated activities. The suspensions could temporarily shift users to alternative platforms like Western Union or MoneyGram, which the BoG has endorsed as compliant options.
The affected MTOs have not yet issued public statements, but industry analysts anticipate they will work to resolve compliance issues to resume operations by mid-October 2025. The BoG’s actions underscore its commitment to strengthening oversight in Ghana’s rapidly growing digital financial services sector.
