The Bank of Ghana (BoG) has enforced a one-month suspension of the remittance partnerships of three major Payment Service Providers (PSPs): Flutterwave, Cellulant Ghana, and Halges Financial Technologies. Effective
September 18, 2025, these firms are prohibited from facilitating inward money transfers following a series of regulatory breaches. The central bank specifically noted that Halges Financial Technologies is barred from any remittance activity until it receives explicit, formal approval from the regulator.
The sanctions stem from violations of the 2023 Updated Guidelines for Inward Remittance Services. According to the BoG, the affected PSPs conducted unauthorized transactions on behalf of several international Money Transfer Operators (MTOs) through their settlement partner, United Bank for Africa (UBA) Ghana Limited.
The suspension effectively severs ties between the three PSPs and the following MTOs:
- Taptap Send
- Send App (by Flutterwave)
- Top Connect
- Remit Choice
- Afriex
The BoG has stated that any bank or MTO wishing to resume business with these fintech firms after the one-month period must reapply for fresh approval. This move is part of a broader crackdown on unlicensed financial activities and non-compliance with foreign exchange regulations.
The regulator issued a stern warning to all industry participants that further non-compliance would lead to even more severe legal and regulatory sanctions, aiming to ensure that all cross-border inflows are tracked and processed through official, approved channels.