• Ghana suspends five remittance operators for regulatory breaches

• Firms linked to unauthorized activities with fintech partners

• Suspension lifted after new approval from Bank of Ghana

Ghana’s central bank, Bank of Ghana (BoG) has suspended the money transfer partnerships of five operators for one month, effective Thursday, September 18, 2025. The affected companies are Taptap Send, Top Connect, Remit Choice, Send App, and Afriex.

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— Bank of Ghana (@thebankofghana) September 4, 2025

The central bank's action follows a failure to comply with updated directives governing incoming remittance services. According to the institution, the operators engaged in unauthorized activities in collaboration with Halges Financial Technologies, Cellulant, and Flutterwave through their settlement bank, UBA Ghana.

The suspended firms can only resume operations after their financial partners submit a new application for the central bank’s approval. In its statement, the monetary authority also warned foreign exchange market participants, reminding them of the need to strictly adhere to existing regulations.

This decision comes amid a period of heightened scrutiny. In February 2025, the Bank of Ghana announced an audit of remittance transactions for the last quarter of 2024. The audit aims to evaluate existing procedures and make recommendations to strengthen the regulatory framework.

Remittances are a vital source of income for Ghana's economy. Official data shows they totaled $2.4 billion in 2023, contributing to both household incomes and the country's foreign exchange reserves.

Charlène N’dimon