Flutterwave has disputed a Bank of Ghana directive suspending its remittance partnerships, calling the move “unexpected” and attributing it to regulatory misunderstanding as the fintech giant seeks swift resolution.
The one-month suspension takes effect September 18, 2025, alongside similar penalties for Cellulant Ghana and other payment service providers over regulatory breaches under Ghana’s Updated Guidelines for Inward Remittance Services.
The African fintech company confirmed the suspension affects only remittance flows through its SendApp platform, while Flutterwave for Business and other operations under its Payment Service Provider license continue operating normally.
“We are surprised by this directive as we have always maintained a cordial and collaborative relationship with the Bank of Ghana,” Flutterwave stated. The company described the situation as arising from misunderstanding and confirmed ongoing discussions with BoG and banking partners for resolution.
The regulatory action stems from multiple breaches of the Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023, specifically targeting unauthorized remittance services for money transfer operators.
Bank of Ghana findings indicate violations of sections 5 and 7.1-7.3 governing licensing, settlement, and due diligence obligations for payment service providers, according to Notice No. BG/GOV/SEC/2025/25 issued by the central bank.
The Bank of Ghana suspended remittance partnerships for multiple operators including Taptap Send, Flutterwave, Cellulant, and six others over regulatory breaches, signaling broader enforcement across Ghana’s fintech sector.
Flutterwave emphasized its commitment to regulatory compliance while protecting customer confidence in its platforms. “Our priority remains the provision of reliable services to our customers in full alignment with regulatory requirements,” the company stated in its response.
The suspension represents a significant challenge for Flutterwave’s Ghana operations, where remittances form a substantial portion of fintech revenues. Flutterwave operates remittances service in Ghana through SendApp, but its license was suspended along with others over alleged breaches.
Ghana’s central bank has intensified scrutiny of payment service providers following concerns about unauthorized activities and compliance gaps in the rapidly expanding fintech sector. The regulatory crackdown affects both international and domestic operators serving Ghana’s remittance market.
The fintech company maintains that regulatory adherence remains central to its operations as it navigates the suspension period. “We greatly value the guidance of the Bank of Ghana and the trust of our users, and we are committed to ensuring full compliance as we resolve this matter,” Flutterwave stated.
Industry observers suggest the suspensions reflect broader tensions between rapid fintech innovation and regulatory oversight in West African markets. Payment service providers face increasing pressure to demonstrate full compliance with evolving regulatory frameworks.
The Bank of Ghana’s action follows similar regulatory enforcement measures across African markets as central banks seek greater control over digital payment systems and cross-border money transfers amid growing fintech adoption.
Flutterwave’s response signals confidence in resolving the dispute through dialogue while maintaining operational continuity for its core business services. The company’s emphasis on collaboration suggests expectations for relatively swift resolution of regulatory concerns.
The suspension timeline allows Flutterwave one month to address compliance issues before potential extension or escalation of penalties. Success in resolving the dispute could restore full operational capacity for the company’s Ghana remittance services.
Ghana’s fintech regulatory environment continues evolving as authorities balance innovation promotion with consumer protection and financial system stability. The Flutterwave case may establish precedents for future enforcement actions in the sector.
Source: newsghana.com.gh
