Bank of Ghana Suspends Flutterwave, Cellulant, and Six Other Fintechs Over Regulatory Breaches
The Bank of Ghana has taken decisive action by suspending the operations of eight prominent fintech companies, including industry giants Flutterwave and Cellulant, from providing inward remittance services. This significant move, effective Thursday, September 18, 2025, stems from the companies’ failure to comply with the nation’s stringent new regulations governing money transfers into Ghana. The central bank emphasized that these suspensions are a direct consequence of the companies’ non-adherence to crucial requirements outlined in the Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023. This development sends a clear message about the Bank of Ghana’s commitment to maintaining a secure and compliant financial ecosystem within the growing African tech landscape.
# Details of the Suspensions and Regulatory Framework
This regulatory action by the Bank of Ghana highlights a proactive approach to supervising the fintech sector, especially concerning inward remittance services which are vital for many Ghanaian households and businesses. The enforcement of the 2023 guidelines aims to foster a robust and transparent environment, ensuring that all financial transactions are conducted with the highest levels of security and accountability. This step reinforces Ghana’s commitment to building a resilient financial system while encouraging innovation within a regulated framework.
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