Bank of Ghana Suspends Remittance Licenses of Flutterwave, Cellulant, and Others
The Bank of Ghana (BoG) has recently taken action against several key players in the country’s financial technology landscape. The central bank has suspended the remittance partnerships of eight financial institutions, impacting the ability of these companies to facilitate international money transfers. This move highlights the importance of regulatory compliance within the rapidly evolving fintech sector in Africa.
Regulatory Breaches Lead to Suspensions
The BoG’s decision affects five Money Transfer Operators (MTOs) and three Payment Service Providers (PSPs). Companies impacted by the suspensions include prominent names such as Flutterwave, Cellulant Ghana, Tap Tap Send, Afriex, Halges Financial Technologies, Top Connect, Remit Choice, and Send App. The suspensions, which commence from Thursday, September 18, 2025, are a direct consequence of violations of the “Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023.” Specifically, Flutterwave and Cellulant Ghana have been cited for breaching specific paragraphs of the guidelines. These infractions relate to Paragraph 5, which outlines the application requirements for Dedicated Electronic Money Issuers (DEMIs) and Enhanced PSPs looking to offer remittance services, and Paragraphs 7.1-7.3, which detail the operational protocols that these services must adhere to. The suspensions are slated to last for a month, with the exception of Halges Financial Technologies, which faces an indefinite suspension.
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