In a move to reinforce financial integrity and ensure compliance within the rapidly growing remittance industry, the Bank of Ghana has announced the suspension of remittance partnerships involving major payment service providers (PSPs)—Flutterwave Inc., Cellulant Ghana Limited, and Halges Financial Technologies Limited.
This regulatory action, effective September 18, 2025, stresses the government’s commitment to safeguarding the foreign exchange market and maintaining stability in Ghana’s financial system.
Ghana’s economy heavily relies on remittances from the diaspora, which constitute a vital source of foreign currency, supporting household incomes, consumption, and national development projects. The remittance sector has seen exponential growth over recent years, driven by technological innovations and increased mobile money usage. However, this rapid expansion has also brought challenges, including compliance lapses and unauthorized activities by some PSPs.
In a press statement from the Communications department dated 4 September 2025 titled: ‘SUSPENSION OF REMITTANCE PARTNERSHIPS OF FLUTTERWAVE INC., CELULANT GHANA LIMITED AND HALGES FINANCIAL TECHNOLOGIES LIMITED’, said, the Bank of Ghana’s decisive regulatory intervention meant to send a clear message that compliance and transparency are paramount in the evolving remittance landscape.
Below is the full statement:
FOR IMMEDIATE RELEASE
SUSPENSION OF REMITTANCE PARTNERSHIPS OF FLUTTERWAVE INC., CELULANT GHANA LIMITED AND HALGES FINANCIAL TECHNOLOGIES LIMITED
The Bank of Ghana, pursuant to its regulatory mandate, has taken enforcement action against certain Payment Service Providers (PSPs) for 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.
The remittance partnerships of Flutterwave Inc. and Cellulant Ghana Limited, are suspended for a period of one (1) month, effective September 18, 2025, for breach of paragraphs 5 and 7.1 – 7.3 of the above Guidelines.
Halges Financial Technologies Limited is prohibited from engaging in any remittance activities unless and until prior approval has been duly granted by the Bank.
These sanctions are as a result of multiple violations of the Updated Guidelines for Inward Remittance Services for Payment Service Providers, 2023, as amended by Bank of Ghana Notice No. BG/GOV/SEC/2025/25.
The affected PSPs 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).
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 re-apply for approval after the suspension period has lapsed.
The Bank of Ghana cautions all market players to adhere strictly with 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.
