BoG suspends five remittance operators over regulatory breaches

The Bank of Ghana has announced the suspension of five international money transfer operators for regulatory breaches. Effective September 18, 2025, the affected companies, Send, Top Connect, Remit Choice, Send App, and Afriex will be barred from engaging in remittance partnerships for one month.

In a statement issued on Thursday, the Bank of Ghana explained that the suspension follows violations of the Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023, as amended by Notice No. BG/GOV/SEC/2025/25.

The Bank of Ghana said the suspended remittance operators were involved in unauthorised transactions with payment service providers, including Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc., through their settlement bank, UBA Ghana. The regulator emphasised that such activities breached the rules governing inward remittance services, which are designed to protect the integrity of financial flows into the country.

The central bank stressed that the affected operators will only be permitted to re-engage in remittance activities after their partner PSPs or banks reapply for approval, and only upon the Bank of Ghana’s consideration following the suspension period. The regulator further cautioned all foreign exchange market players to strictly adhere to applicable forex market regulations and guidelines.

Remittances play a vital role in Ghana’s economy, with billions of dollars sent home annually by Ghanaians living abroad to support families, education, health care, and investments. The Bank of Ghana has repeatedly highlighted the importance of ensuring that these financial inflows are properly regulated, as breaches not only undermine trust in the system but also expose the economy to risks such as money laundering and foreign exchange instability.

This latest move underscores the Bank of Ghana’s determination to strengthen compliance in the financial sector. By holding remittance operators accountable, the central bank seeks to safeguard Ghana’s economic stability while ensuring that international money transfers continue to serve the needs of citizens in a transparent and secure manner.