Dr. Johnson Asiama
The Bank of Ghana (BoG) has suspended the remittance partnerships of five money transfer operators starting from September 18, 2025.
A statement issued by the Bank on Thursday, September 4, 2025 said the affected Payment Service Providers (PSP’s) were found to have conducted unauthorised remittance activities on behalf of some money transfer operators (MTO’s).
The Money Transfer Operators (MTO’s) it mentioned are Top Connect, Send App, Tap Tap send, Remit choice and Afriex.
“The Bank of Ghana pursuant to its regulatory mandate has taken enforcement action against certain Payment Service Providers (PSP’s) for breaches of the Updated Guidelines for Inward Remttance service by Payment Service Providers 2023 as amended by Bank of Ghana Notice No BG/GOV/ SEC/2025/25”.
“The sanctions are as a result of multiple violations of the Updated Guidelines for Inward Remittance Services providers 2023 as amended by Bank of Ghana Notice No BG/GOV/ SEC/2025/25,”it added.
According to the Central Bank, the remittance partnership of flutterwave Inc. and cellulant Ghana Limted are suspended for a period of one month effective September 18, 2025 for breaches of the guidelines.
It further said Halges Financial Technologies is prohibited from engaging in any remittance activities unless and until prior approval has been duly granted by the Bank.
It stated “All remittance partnerships between the PSP’s and MTO’s are hereby suspended. Any Bank or MTO seeking to engage effected PSP’s for remittance services in the future must re- apply for approval after the suspension has elapsed”
The Central Bank further cautioned all market players to adhere strictly with the Guidelines for Inward Remittance Services by Payment Service Providers and all applicable foreign exchange market regulations as noncompliance will attract further regulatory sanctions in accordance with the law.
By Ebenezer K. Amponsah