BoG Governor Outlines Offences Behind One-Month Suspension of Nine Remittance Partners
Governor of the Bank of Ghana (BoG), Dr. Johnson Pandit Asiama, has disclosed the specific infractions committed by nine regulated financial institutions whose remittance partnership licences have been suspended for a one-month period, effective September 18, 2025.
The central bank on September 4, 2025, announced the suspension of three payment service providers (PSPs), five money transfer operators (MTOs), and one bank for “multiple violations of the foreign exchange market regulations” and breaches of the “inward remittance guidelines.”
The affected PSPs are Cellulant Ghana Limited, Nigerian fintech unicorn Flutterwave, and Halges Financial Technologies (operator of Korba). The MTOs include Send App from Flutterwave, Afriex, Taptap Send, Top Connect, and Remit Choice, while United Bank for Africa (UBA) Ghana is the only bank cited.
Responding to a question at the 126th Monetary Policy Committee (MPC) press conference, Dr. Asiama said the infractions included diversion of foreign exchange inflows (“offshoring”), application of unapproved foreign exchange rates, and unduly long settlement periods.
He explained that inward remittances are by law required to be lodged into nostro accounts of local banks. However, some of the sanctioned institutions diverted foreign exchange into other activities in breach of regulations, while others applied wrong exchange rates or delayed settlements beyond legally permitted timelines.
“There are rules and regulations when it comes to how every market operates and their licences were issued on condition that they will play by our rules. So, when they breach the rules we have to penalise them and bring them to order,” Dr. Asiama stated.
Halges Financial Technologies has been further barred from engaging in any remittance activity unless granted prior approval by the central bank.
Despite the governor’s clarification, BoG has not specified which institutions committed which infractions, leaving affected firms in doubt over the exact nature of their offences.
Industry sources told Techfocus24 that the sanctions relate to transactions valued at over $17 million initiated by one institution, with the others merely providing services along the value chain. At least four of the firms say they were neither engaged by the central bank nor officially notified of their offences before the sanctions were announced.
“Up till today we still don’t have clarity on what the sanction is for,” one institution told Techfocus24.
The suspension requires all regulated financial institutions to disconnect the affected firms until the end of the sanction period. At that point, they must reapply for fresh authorisation before being reconnected.
Dr. Asiama, however, maintains the sanctions are already “biting” and signalled that the central bank is preparing to roll out more punitive measures to enhance efficiency within the foreign exchange market.
