The Bank of Ghana (BoG) has issued a public warning about the operations of certain Money Transfer Organisations (MTOs) that are conducting business within the remittance and foreign exchange markets in Ghana without the required regulatory approval.
In a statement released on Friday, June 27, 2025, the central bank listed the following ten entities as unauthorised:
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ACE Money Transfer
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Remit Union
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Remit Home
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Roze Remit
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Monty Global
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Nairagram
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I-Transfer
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Hurupay
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Eversend
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Izi Send
The Bank cited Section 3.1 of the Foreign Exchange Act, 2006 (Act 723), which prohibits any individual or entity from dealing in foreign exchange without a valid license issued by the Bank of Ghana. In addition, Section 15.3 of the Act stipulates that all foreign exchange transfers to or from Ghana must be conducted through licensed money transfer operators or other authorised dealers.
The BoG cautioned banks, Dedicated Electronic Money Issuers (DEMIs), Enhanced Payment Service Providers (EPSPs), and the general public to cease all dealings with the listed unapproved institutions.
“Approved MTOs are reminded to terminate their foreign exchange flows strictly through their partner institutions and to adhere to all operational guidelines issued by the Bank,” the statement added.
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