The Bank of Ghana remittance suspension announced on September 5, 2025, will take effect on September 18. The central bank has suspended several money transfer operators (MTOs) and payment service providers (PSPs) for breaching inward remittance guidelines, in a move to tighten compliance and safeguard Ghana’s foreign exchange market.
Five MTOs—Taptap Send, Top Connect, Remit Choice, Send App, and Afriex—were suspended for one month. According to the Bank of Ghana, these firms engaged in unauthorised remittance activities in partnership with PSPs Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc., using UBA Ghana as their settlement bank.
PSPs Also Face Sanctions
The Bank of Ghana remittance suspension also extended directly to PSPs. Flutterwave Inc. and Cellulant Ghana Limited had their partnerships suspended for one month, while Halges Financial Technologies Limited has been prohibited from conducting any remittance activity until it secures prior approval.
Investigations showed these PSPs carried out unauthorised remittance transactions on behalf of the suspended MTOs. The regulator declared that all existing partnerships between them are null and void, requiring fresh applications for approval once the suspension period ends.
Strong Warning to Market Participants
In its closing statement, the Bank of Ghana urged all operators to strictly comply with the Bank of Ghana remittance suspension guidelines and foreign exchange regulations. The central bank warned that further violations would attract tougher sanctions under national financial laws.
This enforcement marks one of the strongest signals yet of the regulator’s commitment to cleaning up Ghana’s remittance sector and protecting the stability of its financial system.
