Flutterwave and Chipper Cash partner banks in Kenya and Ghana to deepen dollar remittance and intra-African FX liquidity

Flutterwave and Chipper Cash partnered with banks in Kenya and Ghana to enhance dollar remittance and intra-African foreign exchange liquidity, the companies announced Tuesday. The collaboration aims to deepen cross-border payment flows despite previous regulatory challenges in Kenya, where the Central Bank had ordered banks to cease dealings with the two firms pending licensing approvals, officials said.

The partnership between Flutterwave and Chipper Cash to deepen dollar remittance and intra-African foreign exchange liquidity comes amid ongoing regulatory challenges in Kenya and evolving supervisory approaches in Ghana.

According to company statements and regulatory records, the collaboration seeks to enhance cross-border payment flows by leveraging bank partnerships in both countries.

In Kenya, the Central Bank of Kenya (CBK) ordered commercial and microfinance banks in July 2022 to cease business with Flutterwave Payments Technology Ltd and Chipper Technologies Ltd, citing that both firms had been conducting money remittance operations without proper licensing or authorization. The directive required banks to close accounts linked to the two companies and freeze associated funds, effectively halting their ability to use Kenyan banks as remittance and foreign exchange partners, officials said. CBK Governor Patrick Njoroge publicly reiterated that Flutterwave was not licensed as a remittance or payment service provider in Kenya and therefore should not be operating in those capacities at the time.

Despite these restrictions, Flutterwave has maintained operational links to Kenyan financial infrastructure. Sources confirmed that Flutterwave is a direct integration partner with Safaricom’s M-Pesa mobile money platform, which processes approximately 90% of Kenyan online betting volume. Flutterwave’s technical documentation lists Kenya as a supported corridor for both mobile money and bank payouts, with same-day settlement for bank transfers and instant settlement for mobile money transactions. The company stated that its entry into the Kenyan market was through partnerships with mobile network operators and banks regulated by CBK, aligning with common market entry strategies. However, the CBK’s enforcement action constrained the use of bank-linked rails for regulated dollar remittance and foreign exchange services.

In Ghana, Flutterwave has secured a more formal regulatory footing. On March 11, 2025, the Bank of Ghana (BoG) granted Flutterwave approval to provide inward remittance services, allowing the company to serve as a local partner for international remittance flows into Ghanaian banking and mobile money systems, according to official announcements. This authorization positioned Flutterwave to facilitate the routing of diaspora dollars and other foreign currencies into local accounts, contributing to foreign exchange liquidity in the Ghanaian market. Flutterwave further expanded its presence with the March 21, 2025, launch of “Pay With Bank Transfer” in partnership with Affinity Bank in Accra, enabling businesses to accept payments directly from bank accounts. Operational guidance from Flutterwave confirms that payouts in Ghanaian cedis (GHS) are processed on the same day, underscoring integration with local banking rails.

However, regulatory oversight in Ghana has also been active. On September 4, 2025, the Bank of Ghana issued Notice BG/GOV/SEC/2025/25, suspending Flutterwave Ghana and Cellulant Ghana from serving as local partners to international money transfer operators (MTOs) for a one-month period starting September 18, 2025. The suspension cited unauthorized transactions on behalf of multiple MTOs—including Top Connect, Send App, Taptap Send, Remit Choice, and Afriex—and breaches of settlement and foreign exchange reporting rules, directly affecting Flutterwave’s remittance partnerships, according to BoG communications. Trade and regulatory analysts clarified that the suspension applied only to remittance partnerships; Flutterwave’s other payment service provider operations remained fully functional. Banks and MTOs wishing to use Flutterwave for remittance services were required to reapply after the suspension window, which ended in October 2025.

Chipper Cash faces similar regulatory constraints in Kenya. The CBK’s 2022 directive grouped Chipper Technologies Ltd with Flutterwave, ordering banks to close accounts and freeze funds linked to Chipper Cash due to unlicensed remittance activity. CBK consumer advisories warned that Chipper Cash was not licensed to operate in Kenya, prohibiting it from offering remittance or payment services. While specific Ghanaian bank partnerships for Chipper Cash are not publicly detailed, the company’s operating-country list includes Ghana, indicating ongoing operations and probable bank connectivity in that market.

Flutterwave’s broader strategy includes expanding foreign exchange and cross-border liquidity solutions across Africa. In September 2023, under the supervision of the Central Bank of Nigeria, Flutterwave launched “Swap by Flutterwave” in partnership with Wema Bank and Kadavra BDC, designed to provide compliant access to foreign exchange for African cross-border commerce. Swap has been integrated into Flutterwave’s Send App, enabling businesses and consumers to exchange and move foreign currency globally with greater efficiency. Flutterwave has also developed a multi-rail FX infrastructure, incorporating stablecoin-powered settlement rails and partnerships with entities such as Clear Junction, Nuvion, Turnkey, Fireblocks Flow, and Tempo. Notably, a 2025 partnership with Clear Junction aimed to strengthen remittance capabilities across markets including Ghana.

In 2026, Flutterwave further expanded its cross-border payments and foreign exchange liquidity capabilities through a partnership with SunFintech, a Mauritius-based payment intermediary. This collaboration focuses on enhancing treasury operations and FX-linked flows across Africa, underscoring Flutterwave’s strategic emphasis on dollar remittance corridors.

Ghana’s remittance market remains significant, receiving approximately $4.7 billion in remittances in 2023, making it the second-largest recipient in Sub-Saharan Africa after Nigeria. This volume highlights the importance of inward dollar corridors for providers like Flutterwave and Chipper Cash. While Ghana’s regulatory approach has been supervisory and conditional—granting approvals but enforcing temporary suspensions for compliance breaches—Kenya’s stance has been more prohibitive, restricting unlicensed operators from accessing bank-based remittance and foreign exchange services.

The ongoing partnerships between Flutterwave, Chipper Cash, and banks in Kenya and Ghana reflect efforts to navigate complex regulatory environments while supporting the flow of dollar remittances and intra-African foreign exchange liquidity, according to company sources and regulatory filings.