Bank of Ghana Suspends Flutterwave, Cellulant, and Six Others Over Regulatory Breaches
The Bank of Ghana (BoG) has taken decisive action against eight prominent financial technology (fintech) firms, including industry giants Flutterwave and Cellulant Ghana, by suspending their remittance operations. This significant move, set to take effect on Thursday, September 18, 2025, stems from the companies’ failure to comply with the nation’s updated regulatory requirements. The suspensions underscore the central bank’s growing focus on enforcing stricter oversight within Ghana’s rapidly expanding digital payment sector, sending a clear signal across the African tech landscape regarding regulatory adherence.
Ghana’s Central Bank Enforces New Remittance Guidelines
The BoG’s directive specifically targets Flutterwave, Cellulant Ghana, Tap Tap Send, Afriex, Halges Financial Technologies, Top Connect, Remit Choice, and Send App. These suspensions are a direct consequence of breaches identified under the Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023. Notably, Flutterwave and Cellulant Ghana were singled out for violating Paragraphs 5 and 7.1–7.3 of these guidelines, which detail crucial stipulations regarding licensing, operational modalities, and essential reporting requirements for financial service providers. The central bank emphasized that these crackdowns are an integral part of its broader strategy to bolster compliance and enhance the supervision of all remittance and payment service companies operating within Ghana. While all eight companies face a suspension of their remittance services, the central bank further specified that the licenses of the six other implicated firms, distinct from Flutterwave and Cellulant Ghana, are revoked for a period of one month.
This robust enforcement action by the Bank of Ghana serves as a critical reminder to all fintech players of the imperative to strictly adhere to national financial regulations. As Ghana, and indeed the entire African continent, continues to embrace digital transformation in financial services, regulatory compliance remains paramount for maintaining market integrity, safeguarding consumers, and fostering a stable and trustworthy payment ecosystem. The BoG’s stance reaffirms its commitment to ensuring that innovation in financial technology operates within a secure and meticulously regulated framework, promoting both growth and accountability.
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