Bank of Ghana Suspends Remittance Licences of Major Fintechs Over Regulatory Breaches
The Bank of Ghana (BoG) has taken decisive action against a cohort of prominent financial technology companies, suspending the remittance partnerships of eight entities over significant regulatory breaches. This move sends ripples across Ghana’s burgeoning fintech sector and the wider African digital payments landscape. Among the affected firms are industry giants like Flutterwave and Cellulant Ghana, alongside Tap Tap Send, Afriex, Halges Financial Technologies, Top Connect, Remit Choice, and Send App. These suspensions, impacting five Money Transfer Operators (MTOs) and three Payment Service Providers (PSPs), underscore the central bank’s unwavering commitment to enforcing robust compliance within the nation’s financial ecosystem.
Details of the Regulatory Violations and Suspensions
The suspensions by the Bank of Ghana stem directly from non-compliance with the “Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023.” Specifically, Flutterwave and Cellulant Ghana were cited for violating Paragraphs 5 and 7.1–7.3 of these critical guidelines. Paragraph 5 outlines stringent application requirements for Dedicated Electronic Money Issuers (DEMI) and Enhanced Payment Service Providers (PSPs) seeking to offer inward remittance services. Meanwhile, Paragraph 7 meticulously details the operational modalities and standards under which these essential services must be conducted. The regulatory actions will commence on Thursday, September 18, 2025, and most of the affected companies will face a one-month suspension. However, Halges Financial Technologies has received an indefinite suspension, highlighting the severity of its infractions. This widespread enforcement action by the BoG signals a crucial period for regulatory adherence for all financial technology players operating in the Ghanaian market.
This decisive action by the Bank of Ghana serves as a potent reminder of the paramount importance of strict regulatory compliance within the rapidly evolving financial services sector. While fintech innovations like digital remittances are vital for financial inclusion and economic growth across Africa, they must operate within established frameworks designed to protect consumers and maintain financial stability. The suspensions, affecting key players in the Ghanaian and African remittance space, will undoubtedly prompt a closer examination of operational practices and compliance protocols across the industry. This move ultimately reinforces the BoG’s resolve to foster a secure, transparent, and compliant environment for all financial transactions, ensuring the integrity of Ghana’s financial system.
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