BoG Suspends Five Remittance Operators Over Regulatory Breaches
The Bank of Ghana (BoG) has suspended the remittance partnerships of five international money transfer operators, Taptap Send, Top Connect, Remit Choice, Send App, and Afriex for one month, effective September 18, 2025.
The central bank explained that the suspension follows breaches of the Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023, as amended earlier this year. Investigations revealed that the affected operators carried out unauthorized remittance transactions through local payment service providers Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc., with UBA Ghana serving as the settlement bank.
The decision marks a strong signal of BoG’s determination to tighten oversight in the foreign exchange and remittance market. Ghana’s remittance industry plays a vital role in household income and foreign exchange inflows, making regulatory compliance critical to financial stability and consumer protection.
The suspension means the operators will only be allowed to resume business after their partner payment service providers or banks reapply to the central bank for approval, and only if they meet the required standards.
With remittances forming a lifeline for millions of Ghanaian households, the move is expected to push operators to prioritize regulatory compliance, while reinforcing confidence in the broader financial system. The Bank of Ghana has also cautioned all players in the foreign exchange market to strictly observe existing regulations to avoid sanctions.
