REGULATION | Flutterwave Statement Regarding Bank of Ghana Notice

Following the recent direction and stance by the Bank of Ghana to suspend remittance operations linked with several Money Transfer Operators (MTOs) and Payment Service Providers (PSPs), as well as penalizing their settlement bank, amid ongoing violations of its regulatory framework, Flutterwave has put out a media statement to address this development.

Flutterwave was one of the companies that got its license suspended over what the Bank of Ghana described as ‘unauthorised remittance activities.’

In an email addressed to BitKE and other media outlets, Flutterwave shared the following statement to address this development:

Statement Regarding Bank of Ghana Notice

Flutterwave has taken note of the recent directive from the Bank of Ghana 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.

We appreciate the continued trust of our users.

Flutterwave

As reported by BitKE, the Bank of Ghana put out a press release saying the suspension of Flutterwave and two other Payment Service Providers (PSPs) were as ‘a result of multiple violations of the Updated Guidelines for Inward Remittance Services for Payment Service Providers, 2023.‘


The press release continued:

“The affected PSPs were found to have conducted unauthorised remittance activities on behalf of some Money Transfer Operators (MTOs) including Top Connect, Send App, Taptap Send, Remit Choice and Afriex, through their settlement bank, United Bank for Africa Ghana Limited (UBA).

All remittance partnerships between these PSPs and MTOs are hereby suspended. Any bank or MTO seeking to engage the affected PSPs for remittance services in the future must re-apply for approval after the suspension period has lapsed.”

The Flutterwave license suspension comes just one year after the fintech giant received an enhanced PSP license from the Bank of Ghana to enable it operate without the need for 3rd-party services.

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