Bank of Ghana probes Flutterwaves’ operations

The Bank of Ghana is conducting a review on the activities of Flutterwave in the country. Ismail Adam, the Head of Bank Supervision said:“ The Bank of Ghana is conducting a review on Flutterwave Technology Solutions Limited as part of its continuous surveillance of the financial system.”. To date, the company has processed over 200 million transactions worth over…

The Bank of Ghana (BoG) is conducting a review on the activities of Flutterwave in the country.

This is coming after the Central Bank of Kenya ordered banks and microfinance institutions to seize dealing with payments technology firms Flutterwave.

Ismail Adam, the Head of Bank Supervision said: “The Bank of Ghana is conducting a review on Flutterwave Technology Solutions Limited as part of its continuous surveillance of the financial system.”

It is also asking for the fintech company’s operational accounts and other financial exposure details. All of this information was meant to be submitted to BoG by July 20, 2022.

Flutterwave is listed on Ghana’s Registrar General’s Department—a department of the Ministry of Justice and Attorney General. However, it has not been listed by the BoG as an approved fintech and innovation institution, according to reports.

Since its launch, Flutterwave has been on a mission to create endless possibilities for customers and businesses in Africa and the emerging markets. To date, the company has processed over 200 million transactions worth over $16 billion across 34 countries in Africa including Nigeria, Uganda, Kenya, and South Africa.

Source: Techeconmy