- The Bank of Ghana has suspended the remittance partnerships of Flutterwave Inc. and Cellulant Ghana Limited for one month, citing breaches of updated regulatory guidelines.
- Halges Financial Technologies Limited has been barred from remittance activities entirely.
- The sanctions follow unauthorised transactions conducted through UBA Ghana on behalf of several Money Transfer Operators.
- The move signals BoG’s intensified oversight of Ghana’s digital payments sector.
Ghana’s central bank has taken decisive action against three major players in the digital payments space, suspending remittance operations and sending a clear message to the financial ecosystem: compliance is non-negotiable.
Flutterwave Inc. and Cellulant Ghana Limited have been handed one-month suspensions from all remittance partnerships, effective September 18. Halges Financial Technologies Limited has been barred from conducting any remittance activity until it secures fresh approval from the Bank of Ghana.
The sanctions stem from unauthorised transactions carried out on behalf of Money Transfer Operators including Taptap Send, Top Connect, Send App, Remit Choice, and Afriex. These transfers were routed through United Bank for Africa Ghana Limited (UBA), which itself is facing a separate suspension of its foreign exchange trading licence.
All remittance partnerships involving the affected PSPs and MTOs have been terminated. Any future collaborations will require reapplication and regulatory clearance after the suspension period ends.
The Bank of Ghana’s enforcement action is part of a broader push to tighten oversight of the country’s fast-growing digital payments sector. Regulators are increasingly focused on ensuring that inward remittance services meet international standards and operate within the bounds of Ghana’s foreign exchange laws.
With the digital finance space expanding rapidly, the central bank’s crackdown serves as a warning to all market participants: regulatory breaches will be met with swift and public consequences.
