Effective September 18, 2025, three Payment Service Providers –Flutterwave, Celulant and Halges Financial Technologies –will be suspended as remittance partnerships for one month, the Bank of Ghana (BoG) has announced.
According to a statement issued by the BoG, the suspension stems from breaches of its updated guidelines for inward remittance services by these Payment Service Providers.
For Halges Financial Technologies, the central bank noted that it is prohibited from engaging in any remittance activity until prior approval has been duly granted by the Bank of Ghana.
The statement clarified that these service providers have indulged in multiple violations of the updated guidelines for Inward Remittance Services for Payment Service Providers, 2023.
The affected Payment Service Providers were found to have conducted unauthorised remittance activities on behalf of some 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 Ghana).
“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 BoG stated.
The Bank of Ghana also cautioned all market players to adhere strictly to the Updated Guidelines for Inward Remittance Services by Payment Service Providers and all applicable foreign exchange market regulations.
It added that “non-compliance will attract further regulatory sanctions in accordance with the law.”
Bank of Ghana serves notice to punish institutions violating Foreign Exchange Act
