Flutterwave, a leading African fintech company, has issued a response to the suspension of its remittance partnerships announced by the Bank of Ghana.
Reasons for the Suspension
On September 9, 2025, the Bank of Ghana (BoG) announced the suspension of Flutterwave's remittance services for one month, effective September 18, 2025. This decision targets Flutterwave's remittance service, SendApp, alongside other platforms operating in Ghana's remittance market. The bank cited violations of its 2023 Guidelines for Inward Remittance Services, pointing to unauthorized transactions conducted through SendApp.
Flutterwave's Response and Next Steps
In a media statement, Flutterwave expressed surprise at the regulatory action and emphasized its commitment to resolving the issue promptly. "We are surprised by this directive as we have always maintained a cordial and collaborative relationship with the Bank of Ghana," the company stated. It clarified that the suspension only relates to inbound remittances through SendApp while other services remain operational. "We believe this development arises from a misunderstanding and are already in touch with the BoG and our banking partner to clarify matters."
Regulatory Changes in Ghana
The suspension coincides with increased scrutiny of Ghana's remittance market by the BoG, which aims to enhance oversight to protect consumers and ensure economic stability. The bank announced that affected companies, including Flutterwave, must reapply for approvals post-suspension. An earlier report highlighted the BoG's shift toward stricter regulatory measures for entities operating in the remittance sector.
The situation with Flutterwave illustrates the growing regulatory strictness in Ghana aimed at ensuring compliance in the financial sector and protecting consumers.
