Flutterwave

The Bank of Ghana suspended Flutterwave Inc.'s remittance partnership for one month effective September 18, 2025, after finding the company conducted unauthorized inward remittance activity on behalf of multiple Money Transfer Operators (including Top Connect, Send App, Taptap Send, Remit Choice, and Afriex) through its settlement bank UBA Ghana, in breach of the central bank's 2023 remittance guidelines. Cellulant Ghana was sanctioned identically for the same conduct; a third PSP, Halges Financial Technologies, received a more severe indefinite suspension.

In April 2024, perpetrators illegally transferred ₦11 billion ($7 million) from Flutterwave to several accounts. A second insider claimed the amount was at least ₦20 billion ($13.5 million). This followed a February 2024 incident where Flutterwave was defrauded of up to $24 million through unauthorized POS transactions, with a court order secured to recover funds from over 6,000 Nigerian bank customers.

In July 2022, a Kenyan High Court froze accounts holding $43 million after the Assets Recovery Agency alleged accounts 'were used as conduits for money laundering.' Total frozen funds exceeded $200 million. In June 2023, another freeze covered 45 bank accounts following a petition by 2,000+ investors claiming Flutterwave helped defraud them of $12 million. Kenya cleared the company in November 2023 and released $52.5 million.