Remittance Partnerships of Taptap Send, Top Connect and Three Others Suspended by BoG

The Bank of Ghana (BoG) has announced the suspension of remittance partnerships involving five Money Transfer Operators (MTOs) — Taptap Send, Top Connect, Remit Choice, Send App, and Afriex.

The suspension takes effect from September 18, 2025, and will last for one month.

In a statement issued on September 4, the central bank said the decision was taken after the affected operators were found to have breached the Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023, as amended under Notice No. BG/GOV/SEC/2025/25.

The breaches involved unauthorised remittance activities carried out in collaboration with Payment Service Providers (PSPs) such as Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc., with UBA Ghana serving as the settlement bank. These activities, according to the BoG, contravened the rules governing Ghana’s foreign exchange and remittance markets.

As part of the sanctions, all existing remittance partnerships between the affected MTOs, PSPs, and banks have been suspended. The Bank of Ghana further stated that the operators will only be permitted to resume remittance activities after their PSPs or banking partners re-apply for approval when the suspension period ends.

The central bank also used the opportunity to caution all market participants to strictly comply with foreign exchange and remittance regulations. It reiterated that enforcement measures would continue to be applied to institutions and operators whose actions threaten the transparency and stability of Ghana’s financial system.

Read Also: UBA Ghana’s Forex Licence Suspended by BoG Over Multiple Violations of Market Regulations

This latest action follows the suspension of the foreign exchange trading licence of United Bank for Africa (UBA) Ghana for similar breaches. The two enforcement measures highlight the regulator’s increasing scrutiny of the remittance and forex sectors, which play a crucial role in Ghana’s economy by channeling funds from the diaspora and supporting foreign currency inflows.

With remittances forming a significant part of household income and foreign reserves in Ghana, the Bank of Ghana has repeatedly stressed the need for orderliness and strict adherence to its guidelines. The current suspensions serve as a warning to other operators about the consequences of flouting regulatory directives.