The Bank of Ghana (BoG) has suspended the remittance partnerships of five Money Transfer Operators (MTOs) — Taptap Send, Top Connect, Remit Choice, Send App, and Afriex — effective September 18, 2025.
According to the Bog, the suspension of Taptap Send and four other MTOs will run for one month.
In a statement issued on Thursday, September 4, the BoG explained that the companies violated provisions of the Guidelines for Inward Remittance Services by Payment Service Providers (2023), as amended by Notice No. BG/GOV/SEC/2025/25.
The breaches involved carrying out unauthorised remittance transactions with Payment Service Providers (PSPs) — Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc. — through their settlement bank, UBA Ghana.
The regulator said the affected MTOs will only be permitted to resume operations once their partner PSPs or banks reapply for approval, subject to the BoG’s review at the end of the suspension period.
The Central Bank further cautioned all players in the foreign exchange market to ensure strict compliance with regulations and guidelines governing forex transactions.
Earlier, the Central Bank suspended nine money transfer organisations from offering remittance services without regulatory approval. The barred companies include Wise, Zeepay, XOOM, LemFi, TransferGo, Sendvalu, Boss Revolution, BTC-Aza Finance, and Supersonicz.
The suspension implies customers cannot use Wise and other international money transfer companies to send or receive money to Ghana.
From now on, the Bank of Ghana has advised customers to use alternative channels, which are licensed and regulated by the central bank, such as banks, mobile money operators, and remittance companies like Western Union, MoneyGram, Ria, WorldRemit, or Xpress Money.
