The Bank of Ghana has suspended remittance activities for eight fintech companies, among them Flutterwave and Cellulant Ghana, effective September 18, 2025, to enforce compliance with the country’s updated inward remittance regulations.
In a recent announcement, Ghana’s central bank revealed that the affected firms have fallen short of adhering to the Updated Guidelines for Inward Remittance Services by Payment Service Providers, instituted in 2023. Flutterwave and Cellulant Ghana stand accused of violating key provisions related to licensing, operational standards, and mandatory reporting procedures.
The crackdown extends beyond just these two companies, encompassing Tap Tap Send, Afriex, Halges Financial Technologies, Top Connect, Remit Choice, and Send App. While most are facing suspensions lasting one month, Halges Financial Technologies will remain barred from operations indefinitely until it secures fresh approval from the Bank of Ghana.
Additionally, the regulator has imposed sanctions on the United Bank for Africa (UBA) Ghana Limited, which functions as the settlement bank for the blocked providers. UBA’s foreign exchange trading license has been revoked for thirty days starting September 18 as a measure of accountability.
This action by the Bank of Ghana follows repeated violations in the fintech sector’s adherence to the Payment Systems and Services Act along with the Banks and Specialised Deposit-Taking Institutions Act. These laws require financial entities to submit regular transaction reports and maintain transparent operational practices.
The central bank criticized the firms for excessive reliance on informal money transfer methods, unauthorized foreign currency swaps, and the use of unofficial exchange rates. Such practices, the regulator argued, undermined Ghana’s remittance system’s credibility and threatened household incomes, business cash flows, and the country’s foreign currency reserves.
The Bank of Ghana hopes to rectify procedural shortcomings and reinforce regulatory compliance, ultimately protecting consumers and promoting stability within the financial ecosystem.
These sanctions will temporarily disrupt remittance flows through some of Ghana’s most used fintech platforms, prompting users to seek alternatives during the suspension periods. Nonetheless, the Bank of Ghana anticipates that tougher enforcement will lead to a more secure and accountable remittance network moving forward. The central bank also made it clear that any future partnerships with the suspended entities will require fresh authorization, emphasizing its commitment to fostering a compliant and transparent fintech landscape in Ghana.
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