The Bank of Ghana has suspended the remittance partnership licenses of three payment service providers (PSPs), five money transfer operators (MTOs) and a bank for “multiple violations of the foreign exchange market regulations” and of the “inward remittance guidelines”.
The three affected PSPs are Nigerian fintech unicorn Flutterwave, Cellulant Ghana Limited and Halges Financial Technologies, which operates under the brand name Korba. The five affected MTOs are Send App from Flutterwave, Afriex, Taptap Send, Top Connect and Remit Choice; and the bank involved is United Bank of Africa (UBA) Ghana.
The suspension, which is for a period of one month, is scheduled to start from September 18, 2025.
According to three separate statements issued by the Bank of Ghana, the affected institutions engaged in multiple violations of the Updated Guidelines for Inward Remittance Services for Payment Service Providers, 2023, as amended by Bank of Ghana Notice No. BG/GOV/SEC/2025/25.
“The [three] affected PSPs were found to have conducted unauthorised remittance activities on behalf of some Money Transfer Operators (MTOs) including Top Connect, Send App, Taptap Send, Remit Choice and Afriex, through their settlement bank, United Bank for Africa Ghana Limited (UBA),” one of the statements said.
Regarding Halges Financial Technologies Limited (Korba) in particular, the statement said they are completely prohibited from engaging in any remittance activities unless and until prior approval has been duly granted by the Central Bank.
Regarding the money transfer operators, the statement said their sanction is as a result of various breaches of the same guidelines by conducting unauthorised remittance activities with the three PSPs mentioned in the statement, through their settlement bank, UBA Ghana.
On its part, UBA Ghana was held liable for conducting unauthorised remittance activities with the affected payment service providers on behalf of the affected money transfer operators.
The statement explained that following the suspension of the remittance partnerships of the affected PSPs, MTOs and the bank, any regulated entity that wishes to engage them in future partnerships must re-apply after the one-month suspension period elapses.
The Bank of Ghana also used the opportunity to caution foreign exchange market players to adhere strictly to the applicable forex market regulations and guidelines, adding that non
compliance will attract further regulatory sanctions in accordance with the law.
