Bank of Ghana Implements One-Month Suspension for Five Key Remittance Partners
The Bank of Ghana (BoG) has announced a significant regulatory action, suspending five prominent Money Transfer Operators (MTOs) from conducting all remittance partnerships within Ghana for a duration of one month. Effective September 18, 2025, the affected partners are Taptap Send, Top Connect, Remit Choice, Send App, and Afriex. This move by Ghana’s central bank signals a robust commitment to upholding financial regulations within the dynamic African remittance landscape.
# Regulatory Action and Its Implications for Ghana’s Financial Sector
This temporary halt on these five remittance providers is expected to cause some disruption to inbound remittance flows into Ghana. These MTOs play a crucial role in facilitating cross-border payments, connecting the Ghanaian diaspora with their families back home. The driving force behind the suspension, according to the BoG, is a clear breach of the Updated Guidelines for Inward Remittance Services by Payment Service Providers, originally issued in 2023 and subsequently amended by Notice No. BG/GOV/SEC/2025/25. Specifically, the central bank cited unauthorized remittance activities carried out by the suspended firms in conjunction with Payment Service Providers (PSPs) Halges Financial Technologies, Cellulant, and Flutterwave. These activities were reportedly settled through UBA Ghana. The directive, which covers all remittance partnerships of the named MTOs across Ghana, was formally issued by the BoG’s Communications Department on September 4, 2025, taking effect a fortnight later. The Bank of Ghana has also issued a caution to various players within the foreign exchange market, underscoring its stance on compliance and the integrity of the financial system.
This decisive action by the Bank of Ghana underscores the importance of strict adherence to regulatory frameworks for all participants in the country’s financial ecosystem. As Ghana continues to be a major recipient of remittances in Africa, ensuring the transparency and legality of these crucial financial channels remains a top priority for the central bank, safeguarding both consumers and the broader economy.
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