The Bank of Ghana has suspended all remittance partnerships of five Money Transfer Operators (MTOs) due to various breaches relating to forex transactions.

The one-month suspension takes effect on September 18, 2025.

The MTOs are:

1. Taptap Send

2. Top Connect

3. Remit Choice

4. Send App

5. Afriex

BoG suspends UBA’s foreign exchange trading licence

In a statement issued on September 4, 2025, the BoG explained that this is a result of various breaches of the Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023, as amended by Bank of Ghana Notice No. BG/GOV/SEC/2025/25.

It said, "These MTOs conducted unauthorised remittance activities with PSPs-Halges Financial Technologies Limited, Cellulant Limited and Flutterwave Inc., through their settlement bank, UBA Ghana."

The central bank said the aforementioned MTOs 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.

Parts of the statement read, "By this statement, we caution foreign exchange market players to adhere strictly to the applicable forex market regulations and guidelines."



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