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 — effective September 18, 2025, for breaching regulatory guidelines.
The suspension, which will last one month, was announced in a statement issued by the Central Bank on Thursday, September 4, 2025.
According to the BoG, the affected MTOs violated provisions of the Guidelines for Inward Remittance Services by Payment Service Providers, 2023, as amended by Notice No. BG/GOV/SEC/2025/25.
The breaches involved carrying out unauthorised remittance transactions with Payment Service Providers (PSPs) — Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc. — through their settlement bank, UBA Ghana.
The Central Bank clarified that the suspended MTOs will only be permitted to resume remittance services after their partner PSPs or banks reapply for approval and secure regulatory clearance at the end of the suspension period.
The BoG also used the opportunity to caution all players in the foreign exchange market to strictly adhere to regulatory requirements, stressing that compliance with forex transaction guidelines is critical to protecting the stability of Ghana’s financial system.
The decision marks one of the most significant regulatory clampdowns on MTOs in recent years and is expected to send strong signals to industry players about the Central Bank’s tightening oversight on remittance flows, a critical component of Ghana’s forex reserves.
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