BoG Suspends 5 Money Transfer Firms Over Regulatory Breaches

The Bank of Ghana (BoG) has suspended the operations of five Money Transfer Operators (MTOs) for a one-month period, effective September 18, 2025.

The affected companies are Taptap Send, Top Connect, Remit Choice, Send App, and Afriex.

In a statement, the Bank’s Communications Department explained that the suspension stems from breaches of the Updated Guidelines for Inward Remittance Services by Payment Service Providers (2023), as amended by Notice No. BG/GOV/SEC/2025/25.

Investigations revealed that the suspended firms engaged in unauthorised remittance transactions with Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc., using UBA Ghana as their settlement bank.

The regulator indicated that these MTOs will only be permitted to resume operations after their partner payment service providers (PSPs) or banks submit new applications for approval, which will be reviewed following the suspension period.

The BoG also cautioned all players in the foreign exchange market to strictly comply with existing forex market rules and guidelines to avoid facing similar sanctions.