The Bank of Ghana (BoG) has temporarily suspended the licenses of five money transfer companies to operate remittance services in Ghana for a month. This follows a breach of the country’s remittance service guidelines by these Money Transfer Operators (MTOs).

In an official statement dated September 4 and shared on September 6, the suspension is expected to take effect from Sept 18 to October 18, 2025.

The companies include “Taptap Send, Top Connect, Remit Choice, Send App, Afriex. This is as a result of various 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”, parts of the statement read.

The Money Transfer Operators (MTOs), Taptap Send, Top Connect, Remit Choice, Send App, and Afriex, according to BoG, worked with Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc., using UBA Ghana as their settlement bank, without prior approval from the Bank of Ghana (BoG).

This, according to BoG’s updated Remittance laws, is a breach of the Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023, specifically paragraphs 5 and 7.17.3.

Paragraph 5 of the Updated Guidelines states that all remittance partnerships between MTOs and PSPs must be explicitly approved by BoG before operations begin. Paragraph 7.17.3, on the other hand, details operational standards, including reporting obligations, consumer protection, and anti-money laundering protocols.

By overlooking these requirements and doing otherwise, the MTOs and PSPs operated outside the regulated financial ecosystem, which risked money laundering vulnerabilities, undermined consumer protection mechanisms and violated foreign exchange market rules, prompting BoG to suspend UBA Ghana’s forex trading license as well.

Consequently, “...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”.

BoG has therefore cautioned all forex market players to abide by the market’s regulations to protect consumers and ensure the smooth running of the market.

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

Meanwhile, 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, regularises how Payment Service Providers (PSPs) in Ghana operate in terms of their partnerships with Money Transfer Operators (MTOs) in the delivery of remittance services.

As quoted from the official document, “These Guidelines seek to: (i) provide a framework to guide DEMIs and EPSPs in partnering with MTOs to deliver inward remittance services to beneficiaries; (ii) stipulate the minimum standards and requirements for providing inward remittance services; (iii) provide competitive market conditions for the inward remittance industry through the use of innovative digital payment channels; (iv) promote compliance with consumer protection and recourse mechanisms.”

The guidelines apply specifically to Dedicated Electronic Money Issuers (DEMIs) and Enhanced Payment Service Providers (EPSPs), emphasising compliance with the Bank of Ghana Act, 2002 (Act 612), the Foreign Exchange Act, 2006 (Act 723), and the Payment Systems and Services Act, 2019 (Act 987).

Meanwhile, this is not the first time BoG has suspended MTo over remittance regulations breaches.

In November last year, it announced a one-month suspension of the Foreign Exchange Trading Licence of Consolidated Bank Ghana (CBG), effective from 26th November 2024.

The suspension was issued under section 11 (2) of the Foreign Exchange Act, 2006 (Act 723).

According to the Bank of Ghana, the suspension was enforced following multiple breaches by CBG of the foreign exchange market regulations, including the Updated Guidelines for Inward Remittance Service for Payment Service Providers, issued in November 2023. The breaches also relate to violations of the Anti-Money Laundering/Combating the Financing of Terrorism & the Proliferation of Weapons of Mass Destruction (AML/CFT&P) Act, as well as the Accountable Institutions Guideline, dated December 2022.

BoG gave conditions that, before CBG’s license will be restored, it would have to be satisfied that CBG has implemented effective controls to ensure compliance with foreign exchange market regulations.

For customers, this suspension meant limited access to essential foreign exchange services. During the suspension period, CBG was unable to handle any currency exchange transactions, including buying or selling foreign currencies. This restriction mostly impacts customers who may need to convert their cedi accounts into foreign currencies like the dollar or pound for travel, business, or international payments.

TapTap sends suspension marks the second in ten months, all for breach of the same remittance guidelines.

Effects of such suspensions on MTO

During such strikes by BoG, these MTOs tend to lose revenue due to a halt in their operations. Consumers' trust in their genuineness and reputation also dwindles as they are likely to develop cold feet in their engagements with flagged companies by the BoG.

Also, sometimes these suspended firms are placed under tighter watch, and future approvals may be harder to secure.