The Bank of Ghana (BoG) has announced the suspension of the remittance partnerships of five money transfer operators, effective September 18, for a month.

Bank of Ghana, in a statement released on September 4, named the five institutions as: Taptap Send, Top Connect, Remit Choice, Send App and Afriex.

Reasons

The Central Bank, in a notice, stated that its action followed various breaches of the updated guidelines for Inward Remittance Service by Payment Providers 2023, as amended by the Bank of Ghana’s Notice BG/GOV/SEC/2025/25

“These money transfer operators conducted unauthorised remittance activities with Payment Service Providers (PSPs) - Halges Financial Technologies Limited, Cellulant Limited and Flutterwave Inc., through their settlement bank, UBA Ghana,” the regulator revealed in a public notice.

The five money transfer operators, according to the Bank of Ghana, “shall be permitted to re-engage in remittance activities only upon the re-application by their partner PSPs or banks for the Bank of Ghana’s consideration, following the expiration of the suspension period”

The regulator reminded the public that “we caution foreign exchange market players to adhere strictly to the applicable forex market regulations and guidelines.”