BoG Suspends Remittance Partnerships of 3 Payment Service Providers

Accra, September 5, 2025

The Bank of Ghana (BoG) has announced the suspension of remittance partnerships with three Payment Service Providers (PSPs) — Flutterwave Inc., Cellulant Ghana Limited, and Halges Financial Technologies — effective September 18, 2025 for a one-month period.

Grounds for Suspension

The central bank cited breaches of the Updated Guidelines for Inward Remittance Services by PSPs, 2023 (as amended by Notice BG/GOV/SEC/2025/25).

• The PSPs were found to have processed unauthorised remittances on behalf of Money Transfer Operators (MTOs) including Taptap Send, Top Connect, Remit Choice, Send App, and Afriex via settlement bank UBA Ghana.
• Halges Financial Technologies faces stricter measures — it is barred from engaging in any remittance activities until it secures prior BoG approval.

What This Means

For the financial ecosystem:

The action underscores the Bank of Ghana’s determination to enforce strict oversight of inward remittance services.

For remittance users:

Customers using the affected PSPs and MTOs may face delays or service interruptions beginning September 18. Alternative compliant channels should be considered during the suspension period.

For the providers:

The suspended PSPs and UBA Ghana must conduct internal compliance reviews and reapply to BoG before resuming remittance operations.

Sources

• Bank of Ghana Press Release, 4 Sept 2025 (PDF)
• JoyNews: BoG suspends remittance partnership of 3 PSPs
• Pulse Ghana: BoG suspends remittance partnerships of 5 MTOs & 3 PSPs
• Techpoint Africa: BoG suspends remittance licences
• Graphic Online: BoG suspends UBA Ghana’s forex licence