BY Nadia Ntiamoah
The Bank of Ghana (BoG) has announced the suspension of five international money transfer operators (MTOs) for violating guidelines governing inward remittance services in the country.
In a press release issued on Thursday, September 4, 2025, the central bank stated that Taptap Send, Top Connect, Remit Choice, Send App, and Afriex will be barred from engaging in remittance activities in Ghana for a one-month period, effective September 18, 2025.
According to the BoG, the sanction follows “various breaches” of the Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023, as amended by Notice No. BG/GOV/SEC/2025/25. The affected firms were found to have conducted unauthorised remittance transactions with three payment service providers—Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc.—using UBA Ghana as their settlement bank.
The central bank explained that the suspension is part of its efforts to tighten oversight of the remittance ecosystem, which has faced increasing scrutiny due to concerns about compliance, money laundering risks, and illegal forex trading.
Conditions For Re-engagement
The BoG stressed that the five suspended operators would only be allowed to resume operations after their local partners—either payment service providers or banks—formally reapply to the Bank of Ghana for approval once the suspension period ends.
This re-application process, the statement said, will determine whether the MTOs can re-enter the remittance market.
Broader Regulatory Context
Remittances play a critical role in Ghana’s economy, with billions of dollars flowing into the country annually from Ghanaians living abroad. However, the sector has long faced challenges with regulatory compliance, particularly regarding foreign exchange controls and the use of unapproved channels for money transfers.
The BoG in recent years has been stepping up enforcement, issuing strict compliance requirements for licensed operators.
In 2023, the central bank revised its inward remittance guidelines, tightening rules around partnerships between international money transfer companies and local payment service providers.
By suspending these operators, the Bank of Ghana appears to be sending a strong signal that it will not hesitate to crack down on firms that flout the rules.
Warning To Forex Market Players
The statement ended with a caution to all stakeholders in the foreign exchange and remittance market, urging strict adherence to existing forex market regulations and guidelines.
