Flutterwave, a leading African fintech company, has issued a formal response to the Bank of Ghana’s (BoG) recent directive suspending its remittance partnerships for one month, effective September 18, 2025.
The suspension, announced on September 4, 2025, targets Flutterwave’s remittance service, SendApp, alongside its banking partner and other platforms operating in Ghana’s remittance market.
In a media statement sent to Technext, Flutterwave expressed surprise at the regulatory action, emphasising its commitment to resolving the issue swiftly while maintaining other services in the country.
“We are surprised by this directive as we have always maintained a cordial and collaborative relationship with the Bank of Ghana,” the company stated.
The BoG’s notice cited violations of its 2023 Guidelines for Inward Remittance Services, specifically pointing to unauthorised inward remittance transactions conducted through Flutterwave’s SendApp and other money transfer operators.
The suspension affects the company’s ability to facilitate money transfers into Ghana, a critical service given the country’s reliance on diaspora remittances, which contribute billions annually to the economy.
Flutterwave clarified the scope of the suspension, noting that it “relates only to inbound remittances through SendApp (money being received into Ghana).” This distinction is significant for users, as it indicates that outbound transactions and other services provided by the company remain unaffected.
The company further reassured stakeholders that “Flutterwave for Business and all other services under our Payment Service Provider (PSP) licence remain fully operational in Ghana.” This ensures that merchants, businesses, and individuals relying on Flutterwave’s payment processing and other PSP services can continue their operations without interruption during the suspension period.
The company’s response suggests an attempt to address the regulatory concerns.
“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,” Flutterwave stated.
This dialogue with the BoG and its banking partner, United Bank for Africa (UBA) Ghana Limited, which also faces a one-month suspension of its foreign exchange trading licence, preempts a conversation on Flutterwave’s intent to resolve the issue collaboratively.
The company’s emphasis on its “cordial and collaborative relationship” with the BoG suggests a history of compliance and cooperation, which it hopes to leverage to navigate this challenge.
Flutterwave’s statement also highlights its commitment to regulatory alignment and customer trust.
“Our priority remains the provision of reliable services to our customers in full alignment with regulatory requirements,” the company affirmed.
This focus on compliance is particularly crucial in Ghana, where the BoG has intensified efforts to regulate the fintech and remittance sectors to safeguard the financial system and ensure transparency in foreign exchange transactions.
The central bank’s directive requires affected companies, including Flutterwave, to reapply for approvals post-suspension.
The suspension comes at a time when Ghana’s remittance market is under scrutiny, with the BoG aiming to strengthen oversight to protect consumers and maintain economic stability.
In an earlier report by Office Phase, it was stated that the “BoG announced an aggressive regulatory crackdown on non-compliant remittance activities, signalling a major shift in how foreign exchange and payment systems will be governed in the country going forward.”
The report stated that the directive targeted domestic banks, Dedicated Electronic Money Issuers (DEMIs), Enhanced Payment Service Providers (EPSPs), and Money Transfer Operators (MTOs).
In that announcement, the BoG cited persistent violations of the Foreign Exchange Act, 2006 (Act 723) and Updated Guidelines for Inward Remittance Services, noting the following malpractices:
- Use of unapproved third-party channels for terminating inward remittances
- Unregulated foreign exchange swaps in remittance transactions
- Unauthorised provision of institutional remittance services
- Application of unofficial or unapproved forex rates
The BoG then mandated:
- Strict pre-funding and disbursement via Local Settlement Accounts
- Mandatory weekly submission of detailed daily remittance reports per MTO
- Alignment of all FX inflows with approved settlement procedures and regulatory channels