Ghana: More Worries for Flutterwave as Bank of Ghana Investigates its Operations

It has been a tough time for Flutterwave, Africa’s fintech operator, following an indictment by the government of Kenya and now the Bank of Ghana (BoG) has commenced a review of its financial operations in the country.

In a document, the banking regulator in Ghana instructed the financial institutions to provide the details of services provided by Flutterwave to their institutions.

Ismail Adam, the Head of Bank Supervision said: “The Bank of Ghana is conducting a review on Flutterwave Technology Solutions Limited as part of its continuous surveillance of the financial system.”

It is also asking for the fintech company’s operational accounts and other financial exposure details. All of this information was meant to be submitted to BoG by July 20, 2022.

Flutterwave is listed on Ghana’s Registrar General’s Department—a department of the Ministry of Justice and Attorney General. However, it has not been listed by the BoG as an approved fintech and innovation institution, according to reports.

Kenyan Asset Recovery Agency (ARA) secured a court order to freeze bank accounts linked to Flutterwave citing “international money laundering”. However, the fintech denied the allegations.

Since its launch, Flutterwave has been on a mission to create endless possibilities for customers and businesses in Africa and the emerging markets. To date, the company has processed over 200 million transactions worth over $16 billion across 34 countries in Africa including Nigeria, Uganda, Kenya, and South Africa.