Ghana Suspends Flutterwave, Others in Remittance Crackdown

STARTUP VENTURE CAPITALSeptember 9, 2025 at 9:00 AM UTC

TLDR

The Bank of Ghana (BoG) has suspended the remittance partnerships of eight firms — five Money Transfer Operators and three Payment Service Providers
The companies affected are Flutterwave, Cellulant Ghana, Tap Tap Send, Afriex, Halges Financial Technologies, Top Connect, Remit Choice, and Send App
The suspensions, effective September 18, 2025, will last for one month, except for Halges, which faces an indefinite suspension

The Bank of Ghana (BoG) has suspended the remittance partnerships of eight firms — five Money Transfer Operators and three Payment Service Providers — citing breaches of its Updated Guidelines for Inward Remittance Services.

The companies affected are Flutterwave, Cellulant Ghana, Tap Tap Send, Afriex, Halges Financial Technologies, Top Connect, Remit Choice, and Send App. The suspensions, effective September 18, 2025, will last for one month, except for Halges, which faces an indefinite suspension until it secures fresh approval.

BoG said Flutterwave and Cellulant Ghana specifically violated Paragraphs 5 and 7 of the guidelines, which set out licensing requirements for electronic money issuers and operational modalities for remittance services.

United Bank for Africa Ghana, which acted as settlement bank for the suspended firms, also had its foreign exchange trading licence suspended for one month.

The move is part of tighter oversight aimed at curbing misuse of unapproved remittance channels, unauthorized FX swaps, and irregular exchange rates.

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Key Takeaways

The suspensions mark one of the most sweeping enforcement actions by the Bank of Ghana in recent years and reflect heightened scrutiny of the country’s $5 billion annual remittance market. By halting operations of high-profile players like Flutterwave and Cellulant, regulators are signaling zero tolerance for compliance lapses. The inclusion of UBA Ghana in the action underscores that oversight extends beyond fintechs to their banking partners. The BoG is increasingly requiring granular reporting, with DEMIs, PSPs, and banks mandated to submit weekly transaction-level and FX inflow data. While this raises compliance costs, it aims to reduce systemic risks and improve transparency in remittance flows. For consumers and businesses, the immediate effect could be slower transfers and fewer options during the suspension period. Long term, however, stricter oversight may stabilize Ghana’s remittance ecosystem and strengthen confidence among both senders and recipients.

Ghana

Fintech

Remittances

Flutterwave

Bank of Ghana