BoG Halts Remittance Services of Five MTOs, Including TapTap Send, Over Regulatory Breaches
The Bank of Ghana (BoG) has taken decisive action against five prominent Money Transfer Operators (MTOs), imposing a one-month suspension on all their remittance partnerships. Effective September 18, 2025, the affected companies, which include popular platforms like TapTap Send, Top Connect, Remit Choice, Send App, and Afriex, face this punitive measure due to various breaches concerning foreign exchange transactions. This significant move by the central bank underscores its commitment to upholding financial regulations and ensuring the integrity of Ghana’s rapidly evolving digital payments landscape, particularly within the vital inward remittance sector. The suspension is poised to temporarily impact a considerable segment of cross-border financial flows into the country, affecting users reliant on these services.
Deeper Dive into the Regulatory Infractions and Affected Entities
In a statement released on September 4, 2025, the BoG clarified that these suspensions stem from multiple violations 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. Specifically, the central bank revealed that the aforementioned MTOs engaged in unauthorized remittance activities. These operations were reportedly conducted in collaboration with Payment Service Providers (PSPs) Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc., with United Bank for Africa (UBA) Ghana serving as their settlement bank. This intricate web of non-compliance highlights the complexities of regulating a fast-paced fintech environment and signals the BoG’s firm stance against any deviations from established protocols, emphasizing that all players in the African financial tech space must adhere strictly to local statutes. The MTOs are anticipated to re-engage in remittance activities once the one-month suspension period concludes.
The Bank of Ghana’s recent enforcement action sends a clear message to all financial service providers, especially those operating in the dynamic African tech sphere. By suspending the remittance operations of key MTOs like TapTap Send, the central bank reaffirms its role in safeguarding the national financial system and protecting consumers. This temporary halt serves as a critical reminder of the paramount importance of strict adherence to regulatory frameworks, particularly those governing foreign exchange and inward remittances. It is expected that this one-month period will allow the affected operators to rectify their non-compliant practices and ensure full alignment with Ghana’s financial guidelines before resuming their essential services to the public.
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