Financial institution Bank of Ghana halts crucial remittance alliances due to violations of regulatory standards.
The Bank of Ghana has taken a significant step in safeguarding the country's foreign exchange market by suspending several money transfer operators (MTOs) and payment service providers (PSPs) for breaching regulatory guidelines on inward remittance services.
The affected PSPs, which include Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc., were found to have carried out unauthorized remittance transactions on behalf of the suspended MTOs, using UBA Ghana as the settlement bank. The MTOs in question are Taptap Send, Top Connect, Remit Choice, Send App, and Afriex, and their suspension is effective from September 18, 2025.
This enforcement notice, the first of its kind issued by the Bank of Ghana, comes as a result of multiple violations of the Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023, as amended earlier this year. All existing remittance partnerships between these PSPs and the implicated operators are now null and void.
The Bank of Ghana has announced that the suspended firms will only be permitted to resume operations if their partner PSPs or banks reapply and receive approval after the suspension period lapses. UBA Ghana continues to serve as the settlement bank for the suspended operators and PSPs during this time.
Any future engagement in the sector by these PSPs will require fresh applications for approval from the central bank once the suspension period expires. The suspension period for the operators is one month.
The move is aimed at tightening compliance within the financial ecosystem and ensuring that all market participants adhere to remittance guidelines and foreign exchange market regulations. The Bank of Ghana has issued a strong caution to all parties, urging strict compliance with these regulations to avoid stiffer regulatory sanctions, in line with the country's financial laws.
The Bank of Ghana's action is a clear indication of its commitment to maintaining the integrity of the financial system and protecting the interests of Ghanaian consumers. The central bank will continue to monitor the activities of all financial institutions to ensure they operate within the confines of the law.
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