Effective September 18, the remittance partnership of three Payment Service Providers will be suspended for one month by the Bank of Ghana (BoG). BoG’s suspension affects Flutterwave, Cellulant Ghana, and Halges Financial Technologies.

Justifying the basis for their suspension, the central bank explained that the affected firms breached guidelines with regard to international money transfer operations and regulatory compliance for Inward Remittance Services for Payment Service Providers, 2023. In June, BoG drawn the attention of the general public to Money Transfer Organisations (MTOS) operating within the Remittance and the Ghana Forex Market without approval.

These MTOs include ACE MONEY TRANSFER, REMIT UNION, REMIT HOME, ROZE REMIT, MONTY GLOBAL. The other five are NAIRAGRAM, I-TRANSFER, HURUPAY, EVERSEND, and IZI SEND.

The public, banks, Dedicated Electronic Money Issuer (DEMI) and Enhanced Payment Service Providers (EPSP) have been cautioned to desist from dealing with any of these institutions.

Approved MTOs have been entreated to terminate their foreign exchange flows through their partner institutions only and to adhere strictly to all the guidelines in respect of their operations.

Section 3.1 of the Foreign Exchange Act, 2006 Act 723, states that "a person shall not engage in the business of dealing in foreign exchange without a licence issued under this Act."

Further, section 15.3 of the Foreign Exchange Act states, "each transfer of foreign exchange to or from Ghana shall be made through a person licensed to carry out the business of money transfers or any other authorised dealer."

All market players have been instructed to comply with the directives.

"Non-compliance will result in severe sanctions including the withdrawal of the licence of the institution in breach," the BoG added.

Earlier this month, the Bank of Ghana (BoG) blew the alarm on the operations of Yellow Card Financial Inc., an unapproved digital payment platform.

According to the central bank in a statement dated June 11, the unlicensed entity is actively promoting itself as a provider of digital payment services, cryptocurrency trading, and cross-border remittance solutions.

The platform purports to enable users to make payments, send and receive electronic money and stable coins across borders, as well as convert stable coins into local currency.

These activities, the central bank says, require appropriate licensing from the Bank of Ghana.

The Bank of Ghana has also discovered that YellowPay is engaged in an ongoing collaboration with HanyPay, an entity that claims to be licensed by the Africa Diaspora Central Bank (ADCB).

This partnership reportedly seeks to develop and integrate a new stable coin, AKL Lumi, into the global financial ecosystem.

According to the central bank, this development raises significant regulatory concerns, as HanyPay is neither licensed nor authorized to operate within the jurisdiction of Ghana.

In 2024, the Popular international money transfer service Taptap Send temporarily suspended its operations in Ghana.

This pause raised concerns among users who depend on the platform to send money to loved ones in the country. In a statement issued in early November, the company apologized for the inconvenience and emphasized its efforts to restore service promptly.

The platform explained that its teams are collaborating closely with local partners in Ghana to ensure a seamless reactivation of services. While the exact date for resuming transfers has not been disclosed, Taptap Send assured users of its ongoing commitment to delivering "exceptional service."

In the interim, Taptap Send reassured its customers that their funds remain fully secure. Money stored in Taptap Send wallets can still be withdrawn to personal bank accounts. The company emphasized that the service interruption is temporary and that all customer funds are safe.

This pause in operations comes at a crucial time when remittances from the diaspora are vital to Ghana's economy. Many Ghanaians are eager for a swift resolution, particularly as digital remittances play an increasing role in supporting families and communities.

Launched in the summer of 2018, Taptap Send enables users to send money quickly and affordably to Africa, Asia, and the Caribbean. With operations in the UK, EU, US, Canada, and UAE, the service supports transfers to countries such as Senegal, Mali, Guinea, Ghana, Cameroon, the Ivory Coast, and several others.