ACCRA — The Bank of Ghana (BoG) has suspended the remittance partnerships of Flutterwave Inc. and Cellulant Ghana Limited for one month, effective September 18, 2025. The central bank’s action, a result of multiple violations of the Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023, also includes a prohibition on Halges Financial Technologies Limited from engaging in any remittance activities without prior approval. According to a statement issued by the BoG’s Communications Department, the three payment service providers (PSPs) were found to have conducted unauthorized remittance activities on behalf of several money transfer operators (MTOs), including Top Connect, Send App, Taptap Send, Remit Choice, and Afriex.
The BoG statement specified that these unauthorized transactions were settled through the PSPs’ settlement bank, United Bank for Africa (UBA) Ghana. As a result, all existing remittance partnerships between these PSPs and MTOs are now suspended. The central bank has also made it clear that any bank or MTO wishing to engage with these affected PSPs for future remittance services must re-apply for official approval after the suspension period has expired.
This measure is intended to enforce compliance and ensure that all financial activities align with regulatory standards.
In its public notice, the Bank of Ghana issued a strong warning to all market participants, urging them to strictly adhere to the updated guidelines for inward remittance services and all other applicable foreign exchange market regulations. The central bank stated that noncompliance will lead to further regulatory sanctions in accordance with the law, signaling a firm stance on the enforcement of financial sector rules and regulations.
Ruth Abla ADJORLOLO
