Ghana Regulators Crack Down: Flutterwave and Partners Face One-Month Remittance Ban

The Bank of Ghana has suspended Flutterwave's remittance partnerships for one month, citing violations of updated regulatory guidelines on inward remittance services. This action is part of a broader enforcement campaign targeting non-compliance in the financial sector. Flutterwave, alongside Cellulant Ghana, was found to have breached Paragraphs 5 and 7.1–7.3 of the Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023 [1]. These provisions outline application requirements and operational modalities for entities offering remittance services. The suspension, effective September 18, 2025, prohibits any new remittance partnerships and mandates reapplication for approval after the one-month period [2].

The regulatory action is not isolated to Flutterwave but extends to several Money Transfer Operators (MTOs) and Payment Service Providers (PSPs), including Taptap Send, Afriex, Top Connect, and others. These entities were also penalized for engaging in unapproved remittance activities through UBA Ghana, a settlement bank whose foreign exchange trading license has similarly been suspended for one month [3]. The Bank of Ghana emphasized that any future collaboration between the affected PSPs and MTOs would require fresh regulatory approval [1].

The central bank has cited systemic risks such as the misuse of unapproved remittance channels, unauthorized foreign exchange (FX) swaps, and irregular exchange rates as key motivations for the crackdown [1]. These actions reflect a broader tightening of oversight in the financial ecosystem, aimed at enhancing transparency and compliance. All DEMIs, PSPs, and banks are now required to submit weekly transaction-level reports, including daily FX inflows, as mandated by the Payment Systems and Services Act and the Banks and SDIs Act [1]. The enforcement measures are expected to increase compliance costs but are seen as a necessary step toward a more dependable remittance infrastructure.

Flutterwave has responded to the news, expressing surprise at the severity of the action. In its statement, the company affirmed its commitment to regulatory compliance and stated that it is cooperating fully with the Bank of Ghana. Flutterwave also noted that its services remain operational in other jurisdictions and that it expects to resolve the issue swiftly. The company has not specified how the suspension might impact its broader operations in the short term [1].

The Bank of Ghana has issued a clear warning to market participants, stressing that non-compliance with updated remittance guidelines and foreign exchange regulations will result in increasingly severe penalties. This signals a heightened regulatory environment in which market players must demonstrate strict adherence to evolving rules. The move is aligned with the central bank’s broader objective of maintaining the stability of Ghana’s foreign exchange market and curbing systemic risks associated with unregulated financial activity [3].

Source: [1] Why the Bank of Ghana suspended three remittance firms (https://www.ghanaweb.com/GhanaHomePage/business/Why-the-Bank-of-Ghana-suspended-three-remittance-firms-1999342) [2] BoG suspends remittance licences of Flutterwave ... (https://techpoint.africa/news/bog-suspends-remittance-licences/) [3] Bank of Ghana Suspends Key Remittance Partnerships ... (https://techafricanews.com/2025/09/05/bank-of-ghana-suspends-key-remittance-partnerships-over-regulatory-breaches/)