The Bank of Ghana (BoG) has suspended the remittance partnerships of Flutterwave Inc. and Cellulant Ghana Limited for a period of one month.
The suspension, which takes effect on September 18, 2025, follows breaches of the Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023.
According to a statement issued by the central bank’s Communications Department, the regulatory action stems from multiple violations of the guidelines, specifically paragraphs 5 and 7.1–7.3.
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In addition, Halges Financial Technologies Limited has been prohibited from engaging in any remittance activities unless it secures prior approval from the Bank of Ghana.
The affected firms were cited for conducting unauthorised remittance activities on behalf of Money Transfer Operators (MTOs), including Top Connect, Send App, Taptap Send, Remit Choice, and Afriex, using United Bank for Africa (UBA) Ghana Limited as a settlement bank.
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“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 statement emphasised.
The Bank of Ghana further cautioned all market players to strictly adhere to the updated remittance guidelines and foreign exchange market regulations, warning that non-compliance will attract additional regulatory sanctions in accordance with the law.
— Bank of Ghana (@thebankofghana) September 4, 2025
SSD/MA
