By 
The Bank of Ghana (BoG) has suspended the operations of eight fintech firms—including Flutterwave, Cellulant Ghana, Tap Tap Send, Afriex, Halges Financial Technologies, Top Connect, Remit Choice, and Send App—for breaching the country’s updated rules on inward remittances.
The suspension, which takes effect from Thursday, September 18, 2025, follows violations of the Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023. The central bank cited failures relating to licensing, operational compliance, and transaction reporting obligations.
While most of the companies face a one-month suspension, Halges Financial Technologies has been handed an indefinite ban, requiring fresh approval from the Bank of Ghana before resuming operations.
In addition, the BoG suspended the foreign exchange trading licence of United Bank for Africa (UBA) Ghana Limited—the settlement bank for several of the affected fintechs—for one month, reinforcing the regulator’s commitment to ensuring both financial institutions and fintech partners comply with the law.
The decision is rooted in persistent regulatory lapses under Ghana’s Payment Systems and Services Act and the Banks and Specialised Deposit-Taking Institutions Act. The BoG highlighted issues such as reliance on informal transfer channels, unauthorised foreign exchange transactions, and use of unapproved exchange rates—all of which undermine transparency and confidence in the remittance ecosystem.
Remittances remain a critical source of household income and a key contributor to Ghana’s foreign currency reserves, making regulatory oversight vital. While the suspension will disrupt customers who rely on these platforms for cross-border transfers, the central bank insists the move is necessary to safeguard consumer funds, strengthen compliance, and build a more transparent remittance market.
Following the suspension period, any bank or money transfer operator seeking to re-engage with the affected firms will require fresh regulatory clearance from the BoG. In Halges’ case, a new approval process must be completed before operations can resume.
By taking decisive enforcement action against both fintechs and a settlement bank, the Bank of Ghana has sent a clear signal: all players in the financial ecosystem must adhere strictly to regulatory requirements in order to sustain trust and stability in Ghana’s payments sector.
Comments