BoG suspends remittance partnerships with Taptap Send, Afriex, 3 others for one month

The Bank of Ghana has suspended its remittance partnerships with five Money Transfer Operators (MTOs), effective September 18.

The affected operators are Taptap Send, Top Connect, Remit Choice, Send App and Afriex.

They have been directed to halt their operations for a period of one month following 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.

According to the central bank, the MTOs engaged in unauthorised remittance transactions with Halges Financial Technologies Limited, Cellulant Limited and Flutterwave Inc., all through their settlement bank, UBA Ghana.

In a statement on Thursday, September 4, the Bank of Ghana 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.”

The regulator further warned players in the foreign exchange market to strictly comply with laid-down rules to avoid similar sanctions.

“By this statement, we caution foreign exchange market players to adhere strictly to the applicable forex market regulations and guidelines,” it stressed.