The Bank of Ghana (BoG) has suspended the operations of five international money transfer operators, including fast-growing fintech Taptap Send, over violations of the country’s remittance guidelines.
Effective September 18, 2025, Taptap Send, Top Connect, Remit Choice, Send App, and Afriex will be barred from offering remittance services for one month, the central bank said Thursday in a statement.
The suspension stems from unauthorized transactions conducted through unapproved payment service providers—Halges Financial Technologies, Cellulant Limited, and Flutterwave Inc.—using UBA Ghana as the settlement bank. BoG cited breaches of the Guidelines for Inward Remittance Services by Payment Service Providers, 2023, as revised under Notice No. BG/GOV/SEC/2025/25.
The regulator said the suspended firms may only resume operations after their partner PSPs or settlement banks reapply for authorization and receive formal approval from the central bank at the end of the suspension period.
The move underscores BoG’s tightening grip on Ghana’s growing fintech and remittance sectors, as the regulator seeks to maintain oversight amid rising digital transaction volumes.
In its statement, the central bank also issued a warning to all participants in the foreign exchange market to adhere strictly to existing forex regulations and compliance standards.
Taptap Send and the other affected firms did not immediately respond to requests for comment.
Source:TheDotNews