The Central Bank has announced the suspension of the remittance partnership of three Payment Service Providers for one month, effective September 18, 2025.
The institutions are Flutterwave , Celulant Ghana and Halges Financial Technologies
The Bank of Ghana in the notice stated that, the action was due to breaches of its updated guidelines for inward remittance services by Payment Service Providers.
On Halges Financial Technologies, the regulator stated that it is prohibited from engaging in any remittance activity until prior approval has been duly granted by Bank of Ghana.
Reasons
The Central Bank in the statement argued that these sanctions are as a result of multiple violations of the updated guidelines for Inward Remittance Services for Payment Service Providers, 2023,
The affected Payment Service Providers were found to have conducted unauthorized remittance activities on behalf of some Money Transfer Operators (MTOs) including Top Connect, Send App, Taptap Send, Remit Choice and Afriex, through their settlement bank, United Bank for Africa Ghana Limited (UBA Ghana).
“All remittance partnerships between these PSPs and MTOs are hereby suspended. Any bank or MTO seeking to engage the affected PSPs for remittance services in the future must re-apply for approval after the suspension period has lapsed” the regulator stated.
The Bank of Ghana also cautioned all market players to adhere strictly with the Updated Guidelines for Inward Remittance Services by Payment Service Providers and all applicable foreign exchange market regulations.
It added that “non-compliance will attract further regulatory sanctions in accordance with the law”
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