BoG Sanctions Flutterwave Inc. And Cellulant Ghana Limited
The Central Bank of Ghana has suspended remittance partnerships with Flutterwave Inc. and Cellulant Ghana Limited.
The one-month suspension follows what the Bank said was breaches of the Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023, as amended by Bank of Ghana Notice No. BG/GOV/SEC/2025/25.
It comes after they were found to have conducted unauthorised remittance activities on behalf of some Money Transfer Operators (MTOs), including Top Connect, Send App, Taptap Send, Remit Choice and Afriex, through their settlement bank, United Bank for Africa Ghana Limited (UBA).
It noted, “All remittance partnerships between these PSPs and MTOs are hereby suspended. Any bank or MTO seeking to engage the affected PSPs for remittance services in the future must reapply for approval after the suspension period has lapsed.”
The BoG used the occasion to caution all market players to adhere strictly to the Updated Guidelines for Inward Remittance Services by Payment Service Providers and all applicable foreign exchange market regulations.
“Non-compliance will attract further regulatory sanctions in accordance with the law,” it warned.
Story by Hajara Fuseini
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