The Bank of Ghana (BoG) has taken stringent action by suspending the remittance partnerships of eight companies, comprising five Money Transfer Operators (MTOs) and three Payment Service Providers (PSPs), along with United Bank for Africa (UBA) Ghana Limited. This significant enforcement move, effective from Thursday, September 18, 2025, comes as a direct consequence of repeated violations of the central bank's regulatory framework.

The affected entities include Flutterwave, Cellulant Ghana, Tap Tap Send, Afriex, Halges Financial Technologies, Top Connect, Remit Choice, and Send App. The primary reason for these suspensions is the breach of the Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023. Specifically, Flutterwave and Cellulant Ghana were identified for violating Paragraphs 5 and 7.1–7.3 of these critical guidelines. Paragraph 5 details the application requirements for Dedicated Electronic Money Issuers (DEMI) and Enhanced PSPs seeking to offer remittance services, while Paragraph 7 outlines the necessary operational modalities for conducting these services.

For most of the suspended companies, the prohibition on remittance services will last for one month. However, Halges Financial Technologies faces a more severe, indefinite suspension, being barred from providing such services until it secures fresh approval from the Bank of Ghana. The BoG explicitly stated that any bank or MTO intending to engage the affected PSPs for remittance services in the future must re-apply for approval once the initial suspension period has concluded.

The regulatory clampdown extends beyond the PSPs and MTOs. United Bank for Africa (UBA) Ghana Limited, which served as the settlement bank for the suspended companies, has also had its foreign exchange trading license suspended for one month, effective from the same date. This parallel action underscores the BoG's comprehensive approach to ensuring compliance across the entire remittance ecosystem.

These enforcement actions are part of a broader, intensified oversight effort by the Bank of Ghana, prompted by recurring compliance failures within the financial sector. Recent directives issued by the central bank mandate all DEMIs, PSPs, and banks to submit weekly transaction-level reports, including daily logs and foreign exchange inflows, in adherence to the Payment Systems and Services Act and the Banks and SDIs Act. Authorities have identified and flagged frequent misuse of unapproved remittance channels, unauthorised foreign exchange swaps, and the application of irregular exchange rates as systemic threats that undermine transparency and stability.

While these heightened measures are anticipated to lead to increased compliance costs for regulated entities, the Bank of Ghana asserts that they are essential for fostering a more dependable and transparent remittance ecosystem within the country, ultimately benefiting consumers and the national economy.