The Bank of Ghana (BoG) has taken decisive action to enforce compliance in the country’s remittance sector. Effective September 18, 2025, the central bank will suspend the remittance partnerships of five Money Transfer Operators (MTOs) — Taptap Send, Top Connect, Remit Choice, Send App, and Afriex. The suspension, set for one month, is part of BoG’s wider effort to tighten oversight of cross-border payments and ensure adherence to established guidelines.
Breaches of Regulatory Framework
The suspension was triggered by breaches of the Updated Guidelines for Inward Remittance Services by Payment Service Providers, introduced in 2023 and amended through Notice No. BG/GOV/SEC/2025/25. BoG revealed that the suspended operators had engaged in unauthorized remittance activities with local Payment Service Providers Halges Financial Technologies, Cellulant, and Flutterwave Inc. These transactions were routed through UBA Ghana as settlement bank, prompting regulators to step in and halt further irregular flows until compliance could be ensured.
Impact on Remittance Flows
The one-month halt is expected to disrupt some inbound remittance channels into Ghana, where international transfers play a vital role in household incomes and foreign exchange supply. Customers who rely on these MTOs may face delays or be forced to shift temporarily to alternative providers, creating short-term inconvenience and market reshuffling. Analysts suggest the broader signal is more critical than the temporary disruption, as it demonstrates BoG’s willingness to take decisive action against breaches, even if it impacts prominent operators.
The Path to Reinstatement
BoG has made clear that the affected MTOs can only resume services after the suspension period if their partner PSPs or banks reapply for approval. This process effectively resets compliance obligations, requiring both operators and their local counterparts to demonstrate adherence to regulatory standards. By conditioning reinstatement on re-application, the central bank places accountability across the entire remittance chain, ensuring that oversight is strengthened and potential lapses are addressed before services restart.
Broader Regulatory Context
The suspension comes amid a wider regulatory push across Africa to strengthen oversight of digital payments and cross-border transfers. Regulators are increasingly focused on preventing illicit financial flows, reducing forex market distortions, and safeguarding consumer protection while balancing the need for financial inclusion. Ghana’s latest move reflects this continental trend, as the central bank shifts from issuing guidelines to actively enforcing them, signaling that regulatory tolerance for non-compliance is rapidly diminishing.
By suspending Taptap Send, Top Connect, Remit Choice, Send App, and Afriex, the Bank of Ghana has sent a clear warning to the remittance industry. Although the measure is temporary, it highlights the regulator’s resolve to preserve transparency, accountability, and resilience in a sector that underpins Ghana’s financial stability. The coming weeks will test the ability of affected operators and their partners to align with regulatory demands, with the ultimate outcome likely to be a more disciplined remittance ecosystem.