Flutterwave, Bank of Ghana in Talks Over Licence Suspension

By Modupe Gbadeyanka

Talks have commenced between Flutterwave and the Bank of Ghana (BoG) over the suspension of the remittance licence of the former by the latter in the country.

Flutterwave operates remittances service in the West Africa nation through SendApp, but its licence was suspended by the banking sector regulator in Ghana along with others over alleged breaches, through the suspension will take effect on Thursday, September 18, 2025.

The affected Money Transfer Operators (MTOs) include Taptap Send, Top Connect, Remit Choice, Send App, and Afriex.

According to a notice from the BoG, the five MTOs “conducted unauthorised remittance activities with PSPs – Halges Financial Technologies Limited, Cellulant Limited and Flutterwave Incorporated through their settlement bank, UBA Ghana in violation of Paragraphs 5 and 7.1–7.3 of the Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023.

They will only be permitted to re-engage in remittance activities only upon the re-application by their partner PSPs or banks for the Bank of Ghana’s consideration, following the expiration of the suspension period.

Reacting, Flutterwave said it was aware of the action of the regulator “concerning our remittance service, SendApp, our banking partner, and other platforms operating in the market.”

“We are surprised by this directive as we have always maintained a cordial and collaborative relationship with the Bank of Ghana. We believe this development arises from a misunderstanding, and we are already in touch with the BoG and our banking partner to clarify matters and work towards a swift resolution.

“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.

“Our priority remains the provision of reliable services to our customers in full alignment with regulatory requirements. 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,” the company stated in the notice, appreciating its users for their “continued trust.”