Flutterwave, Cellulant and Halges sanctioned over remittance breaches

The Bank of Ghana has suspended the remittance operations of Flutterwave and Cellulant, and barred Halges Financial Technologies, after uncovering breaches of inward remittance rules.

In a statement issued Thursday, September 4, 2025, the central bank announced that Flutterwave Inc. and Cellulant Ghana Limited have been suspended from operating remittance partnerships for one month, effective September 18, 2025.

The sanctions follow breaches of paragraphs 5 and 7.1–7.3 of the Updated Guidelines for Inward Remittance Services by Payment Service Providers (2023), as revised by Notice No. BG/GOV/SEC/2025/25.

Halges Financial Technologies Limited has also been barred from engaging in any remittance activity until it obtains prior regulatory clearance.

According to the BoG, investigations revealed that the affected PSPs had facilitated unauthorised transfers on behalf of several money transfer operators, including Top Connect, Send App, Taptap Send, Remit Choice and Afriex, through their settlement bank, United Bank for Africa (UBA) Ghana.

“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 stated.

The regulator reminded all players in the financial ecosystem to strictly comply with Ghana’s remittance and foreign exchange regulations, cautioning that further violations would attract tougher penalties.

The action forms part of the Bank of Ghana’s intensified supervision of the fast-expanding digital payments sector, aimed at strengthening compliance with both domestic laws and international standards.