Physical Address
60 Ekwema Cres, Layout 460281, Imo
Bank of Ghana has Suspended Flutterwave, Cellulant and 6 Others Over Breaches
The Bank of Ghana has suspended Flutterwave, Cellulant, and 6 others over breaches of the country’s new rules for moving money into Ghana. This sudden action means eight fintech companies, including Flutterwave, Cellulant Ghana, Tap Tap Send, Afriex, Halges Financial Technologies, Top Connect, Remit Choice, and Send App, will stop their remittance services from Thursday, September 18, 2025. The Bank of Ghana explained that these companies did not follow important regulations set in the Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023.
The Bank of Ghana has suspended Flutterwave, Cellulant and 6 others because these companies broke rules about licensing, how they should run their businesses, and reporting their transactions. The guidelines are made to protect customers and keep the money transfer system safe and transparent. Flutterwave and Cellulant Ghana were named specifically for not following these rules. While most companies will be suspended for one month, Halges Financial Technologies faces an indefinite ban. This means Halges must get new approval from the Bank of Ghana before it can operate again.
Read Next: Central Bank of Kenya has Approved 27 New Digital Lenders
Besides this, the Bank of Ghana has also suspended the foreign exchange trading license of United Bank for Africa (UBA) Ghana Limited for one month. UBA Ghana is the settlement bank that helps these fintech companies handle their money transactions. This shows that the Bank of Ghana is serious about making sure not only the fintech companies but also banks follow the rules.
The decision to suspend Flutterwave, Cellulant and 6 others over breaches comes after repeated cases of not following the laws. Under Ghana’s Payment Systems and Services Act and Banks and Specialised Deposit-Taking Institutions Act, companies and banks must report their transactions clearly and operate properly. The new 2023 rules require these companies to have the right licenses, work within set guidelines, and provide detailed reports on their daily activities and foreign exchange dealings every week.
The Bank of Ghana pointed out that some companies rely too much on informal ways to send money, use unauthorized foreign exchange deals, and apply unofficial exchange rates. These problems harm the trust and transparency of Ghana’s remittance system. Since remittances are a major source of income for many families and a key part of Ghana’s foreign currency reserves, it’s very important these services work well and safely.
Suspending Flutterwave, Cellulant and 6 others over breaches will affect many customers. People who regularly use these platforms to send or receive money from abroad will have to find other ways during the suspension. For those using Halges Financial Technologies, the indefinite ban could mean losing access completely unless the company gets new permission to start again.
By suspending the eight companies and UBA Ghana, the Bank of Ghana is sending a strong message that every player in the remittance space must follow the laws. This will help protect customers’ money, make sure foreign exchange transactions are properly recorded, and reduce risks like illegal activity. The Bank of Ghana hopes that, even though this suspension may cause inconvenience and higher fees for customers in the short term, it will create a stronger and more trustworthy remittance system in the long run.
Read Next: Stablecoins Transactions Increases by 92% to Hit $3 Trillion in August
After the suspension period, any bank or money transfer operator that wants to work with these suspended companies will need to get fresh approval from the Bank of Ghana. Halges Financial Technologies, in particular, must apply for new approval before it can start operating again.
This step shows just how much the Bank of Ghana is focusing on improving compliance in Ghana’s financial technology sector. By making sure companies like Flutterwave, Cellulant and 6 others over breaches follow rules strictly, Ghana’s remittance system will be safer, more transparent, and better for everyone who depends on it.
Was this information useful? Drop a nice comment below. You can also check out other useful contents by following us on X/Twitter @siliconafritech, Instagram @Siliconafricatech, or Facebook @SiliconAfrica.
