The Bank of Ghana (BoG) has suspended the remittance partnerships of eight companies, including leading fintechs Flutterwave and Cellulant Ghana, over violations of the Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023.
The affected entities are:
- Flutterwave
- Cellulant Ghana
- Tap Tap Send
- Afriex
- Halges Financial Technologies
- Top Connect
- Remit Choice
- Send App
According to the BoG, the suspensions take effect from Thursday, September 18, 2025, and will last one month, except for Halges Financial Technologies, which has been handed an indefinite suspension. Halges is barred from providing remittance services until it secures fresh approval from the central bank.
The regulator said Flutterwave and Cellulant Ghana specifically breached Paragraphs 5 and 7.1–7.3 of the guidelines. Paragraph 5 outlines application requirements for Dedicated Electronic Money Issuers (DEMIs) and Enhanced PSPs, while Paragraph 7 sets out operational modalities for providing remittance services.
In a statement, the BoG noted: “Any bank or MTO seeking to engage the affected PSPs for remittance services in the future must re-apply for approval after the suspension period has lapsed.”
The enforcement action also extends to United Bank for Africa (UBA) Ghana Limited, which acted as the settlement bank for the affected firms. UBA Ghana’s foreign exchange trading licence has been suspended for one month, effective the same date.
Heightened Regulatory Oversight
The BoG has recently intensified scrutiny of the payments and remittance sector amid rising compliance failures. New directives under the Payment Systems and Services Act and the Banks and SDIs Act require DEMIs, PSPs, and banks to submit weekly transaction-level reports, including daily logs and foreign exchange inflows.
Authorities have also raised concerns about the misuse of unapproved remittance channels, unauthorised FX swaps, and irregular exchange rates, warning that such practices threaten market transparency and financial stability.
The latest suspensions highlight the central bank’s push to tighten control over Ghana’s remittance ecosystem, which remains a critical channel for foreign currency inflows and household income support.
