The Bank of Ghana (BoG) has recently taken a firm stance against non-compliance in the remittance sector, suspending the partnerships of eight companies involved in money transfer and payment services. This move comes in response to violations of the Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023.
The affected entities include five Money Transfer Operators (MTOs) and three Payment Service Providers (PSPs), namely Flutterwave, Cellulant Ghana, Tap Tap Send, Afriex, Halges Financial Technologies, Top Connect, Remit Choice, and Send App. The suspensions are based on breaches of specific paragraphs within the guidelines related to application requirements and operational modalities for offering remittance services.
The suspensions went into effect on September 18, 2025, and will last for one month for most companies. However, Halges Financial Technologies faces an indefinite suspension until it obtains fresh approval from the BoG. Any bank or MTO looking to engage the affected PSPs for remittance services in the future will need to reapply for approval after the suspension period.
In addition to the PSPs and MTOs, United Bank for Africa (UBA) Ghana Limited, which served as the settlement bank for the affected companies, also had its foreign exchange trading license suspended for one month. This enforcement action underscores the BoG’s commitment to tightening oversight and ensuring compliance in the remittance sector.
The regulatory measures introduced by the BoG require DEMIs, PSPs, and banks to submit weekly transaction-level reports to enhance transparency and combat misuse of unapproved remittance channels, unauthorized FX swaps, and irregular exchange rates. While these measures may increase compliance costs, they aim to create a more dependable and transparent remittance ecosystem in Ghana.
In conclusion, the BoG’s actions signal a shift towards stricter regulatory oversight in the remittance sector, emphasizing the importance of compliance and transparency in financial transactions. By enforcing these guidelines, the BoG aims to safeguard the integrity of the remittance ecosystem and protect the interests of consumers and stakeholders in the industry.
