BoG suspends remittance partnerships of 5 MTOs, 3 PSPs over regulatory breaches

The Bank of Ghana (BoG) has suspended the remittance partnerships of Taptap Send and four (4) other Money Transfer Operators (MTOs) for one (1) month over breaches of the Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023 (BG/GOV/SEC/2025/25).

The four (4) other affected MTOs are Top Connect, Remit Choice, Send App, and Afriex.

According to a statement issued by the Central Bank on Thursday, 4 September 2025, these MTOs carried out unauthorised remittance activities with Payment Service Providers (PSPs) Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc., through their settlement bank, UBA Ghana.

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The BoG explained that the MTOs will only be permitted to resume remittance services after their partner PSPs or banks re-apply for approval at the end of the suspension period.

Flutterwave, Cellulant, and Halges Sanctioned

In a related directive, the BoG announced the suspension of the remittance partnerships of Flutterwave Inc. and Cellulant Ghana Limited for one (1) month, effective 18 September 2025, for violating paragraphs 5 and 7.17.3 of the Guidelines.

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The Central Bank also prohibited Halges Financial Technologies Limited from engaging in any remittance activities unless prior approval is granted.

The sanctions followed multiple breaches of the Updated Guidelines by the affected PSPs, which were found to have facilitated unauthorised remittance transactions for some of the suspended MTOs, including Taptap Send, Top Connect, Send App, Remit Choice, and Afriex, through UBA Ghana.

As a result, all remittance partnerships between these PSPs and MTOs have been suspended. The BoG stressed that any bank or MTO intending to partner with the sanctioned PSPs in the future must re-apply for approval once the suspension period has lapsed.

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The Bank of Ghana further cautioned all market participants to comply strictly with the Updated Guidelines for Inward Remittance Services by Payment Service Providers and all relevant foreign exchange market regulations. The regulator warned that further violations will attract additional sanctions in line with the law.

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