The move, which takes effect on September 18, 2025, is aimed at tightening compliance within the financial ecosystem and safeguarding the country’s foreign exchange market.
The Bank of Ghana has announced the suspension of several money transfer operators (MTOs) and payment service providers (PSPs) for breaching regulatory guidelines on inward remittance services. The move, which takes effect on September 18, 2025, is aimed at tightening compliance within the financial ecosystem and safeguarding the country’s foreign exchange market.
In the first enforcement notice, the Bank of Ghana revealed that it had suspended the remittance partnerships of five major operators—Taptap Send, Top Connect, Remit Choice, Send App, and Afriex—for a period of one month. According to the regulator, these operators were found to have engaged in unauthorised remittance activities in collaboration with certain PSPs, namely Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc., using UBA Ghana as their settlement bank. The central bank warned that the suspended firms will only be permitted to resume operations if their partner PSPs or banks reapply and receive approval after the suspension period lapses.
A second statement by the central bank targeted the PSPs directly. It confirmed that the remittance partnerships of Flutterwave Inc. and Cellulant Ghana Limited have also been suspended for one month, effective September 18, 2025, while Halges Financial Technologies Limited has been prohibited from conducting any remittance activities unless and until it secures prior approval from the Bank of Ghana. The regulator stressed that the sanctions followed multiple violations of the Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023, as amended earlier this year.
Investigations revealed that the affected PSPs carried out unauthorised remittance transactions on behalf of the suspended MTOs, once again through UBA Ghana as the settlement bank. The Bank of Ghana clarified that all existing remittance partnerships between these PSPs and the implicated operators are now null and void. Any future engagement in the sector will require fresh applications for approval from the central bank once the suspension period expires.
In its closing remarks, the Bank of Ghana issued a strong caution to all market participants, urging strict compliance with remittance guidelines and foreign exchange market regulations. It warned that any further breaches would attract stiffer regulatory sanctions, in line with the country’s financial laws.