The Bank of Ghana (BoG) has taken decisive action against five Money Transfer Operators (MTOs) for violating established remittance guidelines. Effective September 18, 2025, Taptap Send, Top Connect, Remit Choice, Send App, and Afriex have been suspended from operating in Ghana for a period of one month. This suspension stems from their unauthorized collaborations with Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc., all facilitated through their settlement bank, UBA Ghana. These transactions contravened 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, necessitating the regulatory intervention. The BoG’s action underscores its commitment to maintaining the integrity and stability of the Ghanaian financial system by ensuring strict adherence to established regulations.
The unauthorized remittance transactions conducted by the suspended MTOs represent a breach of the carefully crafted regulatory framework designed to govern inward remittance services. These guidelines are crucial for maintaining transparency, accountability, and security within the financial sector, protecting both consumers and the overall economy. By engaging in transactions outside the approved channels, the MTOs undermined these safeguards, potentially exposing the system to risks such as money laundering, fraud, and illicit financial flows. The BoG’s swift action serves as a deterrent against such practices, reinforcing the importance of compliance for all participants in the remittance ecosystem.
The involvement of Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc., along with UBA Ghana as the settlement bank, raises further questions regarding the extent of the unauthorized activities and the potential implications for these entities. While the BoG’s current focus is on the MTOs directly involved in the breaches, the regulator’s statement suggests that these partner entities may also face scrutiny. The requirement for the MTOs to re-apply for operational clearance through their partner Payment Service Providers (PSPs) or banks indicates that the BoG expects these institutions to take responsibility for ensuring compliance within their networks. This emphasizes the shared responsibility for maintaining regulatory integrity across the financial landscape.
The one-month suspension imposed on the MTOs provides an opportunity for these companies to rectify their operations and demonstrate their commitment to adhering to the established guidelines. The re-application process, contingent on the partner PSPs or banks initiating the request, reinforces the interconnectedness of the financial ecosystem and the importance of collaborative compliance efforts. The BoG’s decision to allow re-entry after the suspension period, subject to review and approval, demonstrates a balanced approach – punishing the infraction while allowing for rehabilitation and reintegration into the regulated market.
The Bank of Ghana’s strong stance on regulatory compliance extends beyond the specific case of these five MTOs. The accompanying warning issued to all foreign exchange market players emphasizes the broader implications of this incident. The BoG’s message is clear: strict adherence to forex market regulations and guidelines is non-negotiable. This proactive approach aims to prevent future violations and maintain the stability and integrity of the Ghanaian financial system. The emphasis on compliance underscores the BoG’s commitment to fostering a transparent and secure financial environment that supports sustainable economic growth.
The suspension of the five MTOs and the accompanying warning serve as a powerful reminder of the critical importance of regulatory compliance within the financial sector. The Bank of Ghana’s decisive action demonstrates its commitment to upholding the integrity of the remittance ecosystem and protecting the interests of consumers and the economy as a whole. By holding these MTOs accountable and issuing a broader warning to the market, the BoG is reinforcing the message that compliance is not optional but a fundamental requirement for participation in the Ghanaian financial landscape. This action sets a precedent and underscores the importance of robust regulatory oversight in maintaining a stable and trustworthy financial system.
