The Bank of Ghana has announced the suspension of the remittance partnerships of three Payment Service Providers (PSPs) for a period of one month, effective September 18, 2025.
The affected institutions are Flutterwave, Celulant Ghana, and Halges Financial Technologies.
According to a notice issued by the Central Bank, the sanctions were imposed following breaches of the updated Guidelines for Inward Remittance Services by Payment Service Providers (2023).
In particular, Halges Financial Technologies has been prohibited from engaging in any remittance-related activity until it obtains prior approval from the Bank of Ghana.
Reasons for the suspension
The regulator explained that the decision stemmed from multiple violations of the updated remittance guidelines. Investigations revealed that the three PSPs had carried out unauthorized remittance transactions on behalf of certain 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 Ghana).
The Bank of Ghana therefore directed that all remittance partnerships between these PSPs and the listed MTOs be suspended. It further stated that any bank or MTO wishing to engage the affected PSPs after the suspension period must re-apply for approval.
The Central Bank also cautioned all industry participants to comply strictly with the updated remittance guidelines and foreign exchange market regulations, warning that any future breaches will attract additional sanctions in accordance with the law.
