Bank of Ghana Suspends Flutterwave, UBA Ghana, Others in $11.5B Remittance Crackdown

 Bank of Ghana Suspends Flutterwave, UBA Ghana, and Others in $11.5B Remittance Crackdown

Ghana’s booming remittance market, valued at $11.5 billion, has just been shaken by a decisive move from the country’s central bank. On September 8, the Bank of Ghana (BoG) announced the suspension of nine institutions, including fintech giant Flutterwave, Cellulant Ghana, money transfer platforms like TapTap Send and Afriex, and even UBA Ghana, one of the country’s top commercial banks.

The decision is a direct response to what regulators describe as serious violations of the country’s remittance guidelines, particularly the 2023 rules governing inward transfers.

Why Did BoG Take Action?

At the heart of the suspension are two key issues:

• Licensing breaches: Companies like Flutterwave and Cellulant Ghana were found to have bypassed operational requirements outlined in Paragraphs 5 and 7 of the guidelines.

• Unauthorized partnerships: Several money transfer operators (MTOs), including TapTap Send and Afriex, were routing transactions through payment service providers (PSPs) like Flutterwave, Cellulant, and Halges, using UBA Ghana as the settlement bank without proper approval from the central bank.

This structure created what regulators view as parallel channels for remittance inflows, raising risks around transparency, foreign exchange compliance, and pricing.

Who Was Hit and How

The suspension covers both PSPs and MTOs:

• PSPs: Flutterwave, Cellulant Ghana, Halges Financial Technologies

• MTOs: TapTap Send, Afriex, Top Connect, Remit Choice, SendApp

In addition, UBA Ghana’s foreign exchange trading licence has been suspended for one month, effective September 18. The bank played a central role as the settlement partner in the disputed arrangements.

Halges faces the toughest penalty, with its licence suspended indefinitely until it reapplies and secures fresh approval.

What Does This Mean for Users?

For now, customers relying on these platforms for inbound transfers may experience service disruptions, delays, or limited access. While the suspension is only for a month, the BoG has made clear that re-entry into the market requires fresh applications and compliance checks.

The move also tightens reporting obligations. All remittance providers must now submit weekly transaction-level and FX inflow data to the BoG. Regulators say this is designed to curb unauthorized forex swaps, stabilize rates, and maintain trust in the financial system.

Flutterwave’s Response

Flutterwave, perhaps the biggest name on the list, has expressed surprise at the suspension. The company says the action relates specifically to inbound remittances via SendApp, and does not affect its broader suite of services in Ghana, such as Flutterwave for Business.

In a public statement, the fintech noted it is already in talks with the BoG and its banking partners to resolve the misunderstanding. Flutterwave insists its other operations remain “uninterrupted and fully functional.”

Bigger Picture: A Warning Shot to Fintech

This crackdown is not just about compliance paperwork. It signals a broader warning to fintechs and banks operating in Africa’s fast-growing remittance space. Regulators are under pressure to balance innovation with financial stability, and Ghana’s central bank has chosen to enforce its rules with unusual force.

For consumers, the short-term pain could translate into long-term stability. By demanding greater transparency and oversight, the BoG is aiming to prevent systemic risks in a market that millions of households depend on for survival.

For fintechs and banks, the message is clear: follow the rules or risk being shut out of one of Africa’s most lucrative markets.

The suspension of nine institutions, including heavyweights like Flutterwave and UBA Ghana, marks one of the most significant regulatory interventions in Africa’s remittance sector in recent years. Whether this will restore confidence or simply push transactions underground remains to be seen.

What is certain is that regulators in Ghana, and across Africa, are no longer willing to let innovation outpace oversight.