ACCRA — The Bank of Ghana (BoG) has suspended the operations of five international money transfer operators (MTOs) for one month, effective September 18, 2025, over what it described as “multiple violations” of foreign exchange and remittance regulations.
The affected MTOs are Taptap Send, Top Connect, Remit Choice, Send App, and Afriex. Their suspension underscores the central bank’s aggressive push to enforce compliance in Ghana’s tightly monitored remittance and forex market.
Key Violations and Entities Involved
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Unauthorized remittance activities: According to the BoG, the five MTOs were conducting unauthorized transactions with three local payment service providers (PSPs): Halges Financial Technologies, Cellulant, and Flutterwave.
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Settlement bank implicated: The transactions were processed through United Bank for Africa (UBA) Ghana, which was also sanctioned with a one-month suspension of its forex trading license.
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Repeated breaches: The BoG emphasized that these infractions violated the Updated Guidelines for Inward Remittance Services by Payment Service Providers (2023).
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Pattern of non-compliance: Taptap Send, notably, had already been sanctioned in November 2024 for running an unapproved Cedi Remittance Wallet.
Regulatory Background
This crackdown follows the BoG’s August 2025 public alert warning against unlicensed remittance operators. The central bank has been tightening enforcement since March 2024, when it suspended Guaranty Trust Bank and FBNBank over forex violations.
“These sanctions demonstrate our commitment to safeguarding Ghana’s financial system against unauthorized flows,” the BoG said in a statement.
Market Impact
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Service disruption: The suspension is expected to cause short-term disruption for diaspora customers using the affected platforms.
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Reputational consequences: MTOs like Flutterwave and Taptap Send, which have aggressively expanded in Ghana, now face reputational damage.
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Compliance reset: After the suspension, affected firms will be required to re-apply for approval before resuming partnerships with local PSPs.
Despite the disruption, Ghana’s remittance market remains open through other licensed operators such as WorldRemit, Western Union, and Ria.
Wider Implications
Analysts suggest the crackdown is part of the BoG’s broader agenda to restore discipline to Ghana’s forex market amid rising demand for digital remittances. With remittance inflows contributing over $4.7 billion annually to Ghana’s economy (World Bank, 2024), regulatory credibility is seen as vital.
The message is clear: compliance is no longer optional for fintechs and banks hoping to serve Ghana’s lucrative cross-border payments sector.
FAQs
Q1: Why did the Bank of Ghana suspend these MTOs?
The BoG cited multiple regulatory breaches, including unauthorized remittance transactions with unapproved local PSPs.
Q2: Which companies are affected?
The suspension Applies to Taptap Send, Top Connect, Remit Choice, Send App, and Afriex.
Q3: How is UBA Ghana involved?
UBA Ghana acted as the settlement bank for the unauthorized transactions, leading to its forex trading license suspension for one month.
Q4: Will customers still be able to send money to Ghana?
Yes. While the affected platforms are suspended, other licensed operators remain available for international transfers.
Q5: Has this happened before?
Yes. In March 2024, GTBank and FBNBank faced similar sanctions, and in November 2024, Taptap Send was sanctioned for operating an unauthorized wallet.
References
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Bank of Ghana — Public Notice on Unauthorized Remittance Operators (August 2025)
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World Bank — Migration and Remittances Data, Ghana 2024
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Bank of Ghana — Guidelines for Inward Remittance Services by Payment Service Providers, 2023
Source: Accra Street Journal
Last Updated on March 9, 2026 by Samuel Kwame Boadu
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Samuel Kwame Boadu is a Ghanaian media entrepreneur and storyteller with a passion for amplifying urban voices and uncovering everyday truths. He is the Editor-in-Chief and Founder of Accra Street Journal, a dynamic digital platform dedicated to capturing the pulse of Ghana’s capital—its people, culture, challenges, business, sports and innovations.
