Bank of Ghana Suspends Major Fintech Players for Forex Violations

BoG suspends remittance partnerships of 5 MTOs, 3 PSPs over regulatory breaches

The Bank of Ghana (BoG) has suspended the remittance partnerships of Taptap Send and four (4) other Money Transfer Operators (MTOs) for one (1) month over breaches of the Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023 (BG/GOV/SEC/2025/25). The four (4) other affected MTOs are Top Connect, Remit Choice, Send App, and Afriex. According to a statement issued by the Central Bank on Thursday, 4 September 2025, th…

Bank of Ghana Suspends Major Fintech Players for Forex Violations

News Ghana, Latest Updates and Breaking News of Ghana, News Ghana, https://www.newsghana.com.gh/bank-of-ghana-suspends-major-fintech-players-for-forex-violations/The Bank of Ghana has suspended the remittance licenses of nine financial institutions, including Nigerian fintech unicorn Flutterwave, for unauthorized foreign exchange activities that violated national remittance guidelines. The one-month suspensions, effective September 18, affect th…

Bank of Ghana Suspends Five Remittance Partners for One Month

Effective Sept. 18, 2025, the Bank of Ghana (BoG) is suspending all remittance partnerships of Taptap Send, Top Connect, Remit Choice, Send App, and Afriex for one month. Why it matters The suspension temporarily halts these Money Transfer Operators (MTOs) from working with local partners, potentially disrupting some inbound remittance flows into Ghana. Driving the […] The post Bank of Ghana Suspends Five Remittance Partners for One Month appear…