The Bank of Ghana (BoG) has suspended the remittance operations of five Money Transfer Operators (MTOs) — Taptap Send, Top Connect, Remit Choice, Send App, and Afriex — after uncovering regulatory breaches in their partnerships.
The suspension, effective September 18, 2025, will last for one month.
In a statement issued Thursday, September 4, the central bank explained that the operators were engaged in unauthorised remittance transactions with Payment Service Providers (PSPs) — Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc. — through settlement arrangements with UBA Ghana.
BoG noted that the affected MTOs can only resume operations if their partner PSPs or banks reapply for regulatory approval after the suspension period, subject to fresh vetting by the central bank.
The regulator further warned all players in the foreign exchange and remittance ecosystem to adhere strictly to existing guidelines, stressing that compliance was key to maintaining market integrity and protecting consumers.
This marks one of the firmest enforcement actions by the BoG in recent times, as it seeks to tighten oversight of Ghana’s fast-growing remittance sector.
