Halges barred, Flutterwave and Cellulant face one-month suspension of remittance partnerships

The Bank of Ghana (BoG) has suspended the remittance partnerships of Flutterwave Inc. and Cellulant Ghana Limited for one month over breaches of regulatory guidelines governing inward remittance services.

In a statement issued on Thursday, September 4, 2025, the central bank said the two payment service providers (PSPs) were penalised for contravening paragraphs 5 and 7.1 – 7.3 of the Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023, as amended by Notice No. BG/GOV/SEC/2025/25. The suspension takes effect from September 18, 2025.

The Bank further announced that Halges Financial Technologies Limited has been barred from undertaking any remittance activities until it secures prior approval.

According to the regulator, the sanctions were imposed after it was discovered that the affected PSPs had engaged in unauthorised remittance transactions on behalf of 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 statement read.

The Bank of Ghana cautioned all operators within the financial ecosystem to comply strictly with the updated remittance guidelines and the country’s foreign exchange market regulations, warning that any breaches would attract further regulatory sanctions.

The action forms part of the central bank’s broader efforts to tighten oversight of Ghana’s growing digital payments sector and ensure compliance with international best practices.