The Bank of Ghana (BoG) has suspended the remittance partnerships of 8 major financial technology and money transfer firms, including fintech giants Flutterwave, Cellulant, and the foreign exchange license of UBA Ghana, citing violations of regulatory guidelines.

According to the regulator, the companies breached provisions of the Updates Guidelines for Inward Remittance Services by Payment Service Providers, 2023, particularly sections governing licensing requirements and operational conduct.

Flutterwave and Cellulant Ghana were specifically flagged for non-compliance with Paragraphs 5 and 7.1-7.3 of the guidelines, which outline application procedures for remittance providers and operational rules for handling transactions.

“We are surprised by this directive as we have always maintained a cordial and collaborative relationship with the Bank of Ghana,” Flutterwave said in a statement on September 5th.

“It is important to note that this directive relates only to inbound remittances through SendApp (money being received into Ghana). Flutterwave for Business and all other services under our Payment Service Provider (PSP) licence remain fully operational in Ghana,” the fintech added.

The crackdown also extends to United Bank for Africa (UBA) Ghana Limited, which served as the settlement bank for suspended companies. The BoG has withdrawn UBA Ghana’s foreign exchange trading licence for one month, effective the same date. 

“By this statement, we caution foreign exchange market players to adhere strictly to the applicable forex market regulations and guidelines,” the central bank said.

The suspensions come amid a broader regulatory tightening in Ghana’s financial services sector. Recent directives require all PSPs, DEMIs (Dedicated Electronic Money Issuers), and banks to file weekly transaction-level reports, including daily logs of remittance inflows and forex dealings. Regulators have also raised concerns about the misuse of unapproved channels, unauthorized FX swaps, and irregular exchange rates that undermine market transparency.