Global payments company Flutterwave has moved swiftly to reassure customers in Ghana, after West African country’s central bank suspended the fintech’s inward remittance operations for one month.
The Bank of Ghana has hit Flutterwave and other top fintechs operating in the country with sanctions following what it says are breaches of updated regulatory guidelines.
Flutterwave said it was surprised by the regulator’s decision as it has always maintained a “cordial and collaborative relationship” with the bank. The suspension affects Flutterwave’s remittance platform SendApp, but the company clarified that its other services remain fully operational.
“We believe this development arises from a misunderstanding, and we are already in touch with the Bank of Ghana and our banking partner to clarify matters and work towards a swift resolution,” Flutterwave said in a statement.
The central bank announced the crackdown on 4 September, which targets several payment service providers and money transfer operators (MTOs) for what it called “unauthorised remittance activities”.
Flutterwave and Cellulant Ghana face a one-month suspension effective 18 September, while Halges Financial Technologies has been handed an indefinite ban. United Bank for Africa (UBA) Ghana also had its foreign exchange licence suspended for a month.
The regulator accused the firms of processing remittances on behalf of MTOs such as Tap Tap Send, Afriex, Send App, Remit Choice and Top Connect without the requisite approvals. The Bank of Ghana emphasised that the measures form part of Ghana’s push to strengthen oversight of inward remittance services, a vital channel for foreign currency inflows.
Flutterwave, an African unicorn headquartered in Nigeria, provides a payment infrastructure for global merchants and payment service providers across the continent. It has maintained that its priority is customer trust and compliance despite the setback.
“It is important to note that this directive relates only to inbound remittances through SendApp. Flutterwave for Business and all other services under our Payment Service Provider licence remain fully operational in Ghana,” it said.
Remittances are a critical lifeline in Ghana, with inflows topping $4.7 billion in 2023, according to World Bank estimates. Although any disruption in this vital sector impacts households and foreign exchange liquidity, the central bank insists that compliance must take precedence.
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