The Bank of Ghana has announced the suspension of remittance partnerships with five Money Transfer Operators (MTOs), including the popular Taptap Send, following breaches of the Updated Guidelines for Inward Remittance Services by Payment Service Providers.
Effective September 18, 2023, the one-month suspension affects the following MTOs:
- Taptap Send
- Top Connect
- Remit Choice
- Send App
- Afriex
These operators had been functioning through partnerships with licensed institutions such as Hypes Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc., alongside their respective partner banks and financial service providers.
The Bank of Ghana emphasized that the suspension applies strictly to the remittance partnerships—not to the partner banks or financial institutions themselves. The move is aimed at reinforcing compliance and protecting the integrity of Ghana’s financial ecosystem.
This decisive action underscores the central bank’s commitment to enforcing standards in the remittance sector, which plays a vital role in supporting Ghanaian households and businesses.
The Bank of Ghana stated it will continue engaging stakeholders to resolve the breaches and ensure full compliance going forward.
