The Bank of Ghana has suspended the remittance partnership between Flutterwave Inc., Cellulant Ghana Limited, and Halges Financial Technologies Limited for conducting unauthorised operations on behalf of several Money Transfer Operators (MTOs), such as Top Connect, Send App, Taptap Send, Remit Choice, and Afriex, through their settlement bank, United Bank for Africa Ghana Limited (UBA).
In a statement on Thursday, the apex Bank noted that the action of these Payment Service Providers (PSPs) violates the 2023 Updated Guidelines for Inward Remittance Services by Payment Service Providers, as modified by Bank of Ghana Notice No. BG/GOV/SEC/2025/25.
Flutterwave Inc. and Cellulant Ghana Limited’s remittance partnerships are suspended for one (1) month, and Halges Financial Technologies Limited is not allowed to carry out any remittance operations until the Bank has properly given its prior approval. The sanctions take effect on September 18, 2025.
“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 reapply for approval after the suspension period has lapsed,” the bank emphasised.
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Other Money Transfer Operators suspended
The Bank of Ghana also suspended the following Money Transfer Operators’ (MTOs’) remittance partnerships for one month: Taptap Send, Top Connect, Remit Choice, Send App, and Afriex.
The Bank further stated that after the suspension period expires, the MTOs can only resume remittance activities if their partner PSPs or banks reapply for consideration.
“By this statement, we caution foreign exchange market players to adhere strictly to the applicable forex market regulations and guidelines,” the central bank stated.
The Bank emphasised that the enforcement action was taken against the impacted PSPs for repeatedly breaking the Guidelines, in accordance with its regulatory mandate.
Suspension of UBA’s foreign exchange trading license
The regulator didn’t stop there. It also suspended United Bank for Africa’s (UBA Ghana) foreign exchange trading licence for one month in compliance with section 11(2) of the Foreign Exchange Act, 2006 (Act 723).
“This is due to multiple violations of the foreign exchange market regulations, including the Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023, as amended by Bank of Ghana Notice No. BG/GOV/SEC/2025/25, which has come to the attention of the Bank of Ghana,” the apex Bank stated.
It added, “UBA Ghana conducted unauthorised remittance activities with the following Payment Service Providers(PSPs): Halges Financial Technologies Limited, Cellulant Limited and Flutterwave Inc., on behalf of Money Transfer Operators(MTOs) – Top Connect, Send App, Taptap Send, Remit Choice and Afriex.”
BoG stated that when the suspension period ends, any financial institutions that want to partner with UBA Ghana again must reapply.
It further announced, “All remittance partnerships held between UBA Ghana and DEMIs/PSPs/MTOs have been suspended. DEMIs/PSPs/MTOs that wish to engage UBA Ghana in future partnerships must reapply after the suspension period elapses.”
The Bank of Ghana warns all market participants to carefully follow all relevant foreign exchange market regulations and the Updated Guidelines for Inward Remittance Services by Payment Service Providers. Non-compliance will result in additional regulatory penalties.