BoG Sanctions Flutterwave, Cellulant and Halges Financial Over Remittance Breaches
The Bank of Ghana (BoG) has imposed regulatory sanctions on three Payment Service Providers (PSPs) for breaches of 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.
In a statement issued on Thursday, the central bank announced the suspension of remittance partnerships of Flutterwave Inc. and Cellulant Ghana Limited for one month, effective September 18, 2025, after the institutions were found to have violated paragraphs 5 and 7.1 – 7.3 of the guidelines.
Halges Financial Technologies Limited has also been barred from undertaking any remittance activities unless prior approval is granted by the BoG.
The sanctions follow findings that the affected PSPs engaged in unauthorised remittance operations on behalf of several 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 central bank stated.
The regulator cautioned all market players to strictly comply with the guidelines governing inward remittance services and applicable foreign exchange market regulations, warning that non-compliance will attract further sanctions.
