Bank of Ghana Cracks Down on Unauthorized Fintech Remittance Activities
This enforcement is a direct response to what the bank has identified as multiple breaches of the Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023.
The Bank of Ghana has taken action against several key players in the financial technology sector, suspending the remittance partnerships of Flutterwave Inc., Cellulant Ghana Limited, and Halges Financial Technologies Limited. This enforcement is a direct response to what the bank has identified as multiple breaches of the Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023.
The suspension for Flutterwave and Cellulant is set for a period of one month, effective from September 18, 2025. Halges Financial Technologies, however, faces a more severe and indefinite suspension, being completely prohibited from conducting any remittance activities until it receives new approval from the Bank of Ghana. The Bank’s statement indicated that the affected companies were found to have conducted unauthorized remittance activities on behalf of several Money Transfer Operators (MTOs), including Tap Connect, Send App, Remit Choice, and Afriex, using United Bank for Africa (UBA) as their settlement bank.
In a move to reinforce regulatory compliance, the Bank of Ghana has warned all market participants to strictly adhere to its guidelines and foreign exchange regulations. Any bank or MTO wishing to re-engage with the suspended Payment Service Providers must re-apply for and receive approval after the suspension period has elapsed. This action underscores the central bank’s commitment to ensuring a secure and transparent financial ecosystem in Ghana.
This video on the BoG warning against unlicensed money transfer platforms is relevant because it provides additional context on the central bank’s ongoing efforts to regulate the fintech and remittance sectors.
