BoG suspends remittance partnerships with three payment service providers

By Praisebell Rosemond Larbi

The Bank of Ghana (BoG) has suspended the remittance partnerships of three leading Payment Service Providers (PSPs), namely Flutterwave, Celulant Ghana and Halges Financial Technologies, for one month, effective 18 September 2025.

The central bank said the action follows breaches of its Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023.

In a regulatory notice, BoG explained that the affected PSPs were involved in unauthorised remittance transactions on behalf of certain international Money Transfer Operators (MTOs), including Top Connect, Send App, Taptap Send, Remit Choice and Afriex, using United Bank for Africa (UBA) Ghana Limited as their settlement bank.

Halges Faces Additional Sanction

While all three companies face suspensions, BoG imposed an additional restriction on Halges Financial Technologies.

The company is now prohibited from engaging in any remittance activity until it secures prior approval from the central bank.

“This measure is necessary to protect the integrity of Ghana’s remittance ecosystem and ensure compliance with regulatory requirements,” the statement noted.

Regulatory Position

BoG emphasised that the sanctions were necessary to reinforce strict adherence to its guidelines, warning that any future partnerships between banks, MTOs and the suspended PSPs will require re-approval once the suspension period ends.

“All remittance partnerships between these PSPs and MTOs are hereby suspended. Any bank or MTO seeking to engage the affected PSPs for remittance services in the future must reapply for approval after the suspension period has lapsed,” the regulator said.

It further cautioned that continued violations of the foreign exchange and remittance rules would attract heavier sanctions, including potential licence withdrawals.

Context

The suspension comes at a time when inward remittances remain a critical source of foreign exchange for Ghana’s economy.

According to Bank of Ghana data, personal remittances contribute billions of dollars annually, providing vital support to households and bolstering the cedi’s stability.

By acting against regulatory breaches, the central bank seeks to safeguard consumer trust, protect legitimate operators and maintain transparency in foreign exchange flows.

Call for Compliance

BoG urged all market participants, including banks, PSPs and MTOs, to ensure full compliance with the updated 2023 guidelines as well as all applicable foreign exchange regulations. “Non-compliance will attract further regulatory sanctions in accordance with the law,” it reiterated.