The Bank of Ghana (BoG) has announced the suspension of remittance partnerships involving three payment service providers (PSPs) — Flutterwave Inc., Cellulant Ghana Limited, and Halges Financial Technologies Limited — over multiple breaches of the Updated Guidelines for Inward Remittance Services.
According to a statement issued by the central bank, the remittance operations of Flutterwave Inc. and Cellulant Ghana Limited have been suspended for one month, effective September 18, 2025, following violations of paragraphs 5 and 7.1 – 7.3 of the 2023 guidelines, as amended by BoG Notice No. BG/GOV/SEC/2025/25.
In addition, Halges Financial Technologies Limited has been barred from engaging in any remittance activities unless it secures prior approval from the Bank of Ghana.
The BoG explained that the affected firms engaged in unauthorised remittance activities on behalf of international Money Transfer Operators (MTOs), including Top Connect, Send App, Taptap Send, Remit Choice, and Afriex, using United Bank for Africa (UBA) Ghana Limited as their settlement bank.
The central bank emphasized that all remittance partnerships between these PSPs and the listed MTOs are now suspended, and any future engagement will require re-application for approval after the suspension period.
“The Bank of Ghana cautions all market players to strictly adhere to the Updated Guidelines for Inward Remittance Services and foreign exchange market regulations. Noncompliance will attract further regulatory sanctions in accordance with the law,” the statement warned.
The regulatory action forms part of BoG’s ongoing efforts to strengthen oversight in the financial services sector and ensure compliance with remittance and foreign exchange regulations.
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