Bank of Ghana (BoG) has imposed a one-month suspension on the remittance services of three Payment Service Providers (PSPs), Flutterwave Inc., Celulant Ghana Limited, and Halges Financial Technologies, effective September 18.
This regulatory action stems from repeated violations of the central bank’s updated 2023 guidelines governing inward remittance services.
Key Violations and Enforcement
- The BoG found that these PSPs had facilitated unauthorised remittance transactions for several Money Transfer Operators (MTOs), including Top Connect, Send App, Taptap Send, Remit Choice, and Afriex.
- These transactions were processed through United Bank for Africa Ghana Limited (UBA Ghana), which acted as the settlement bank.
- As a result, all remittance partnerships between the named PSPs and MTOs have been terminated for the duration of the suspension.
Specific Restrictions
Halges Financial Technologies faces a stricter penalty: it is barred from conducting any remittance activitiesuntil it obtains prior approval from the BoG.
The central bank emphasized that future collaborations between banks, MTOs, and the sanctioned PSPs will require fresh approval once the suspension ends. It also issued a stern reminder to all financial market participants to comply fully with the updated remittance guidelines and foreign exchange regulations. Failure to do so, the BoG warned, will result in additional sanctions under the law.
Author: Jasmine Adjei
Development journalist
