Bank of Ghana Warns Against Dealings with 10 Unlicensed Money Transfer Organisations
The Bank of Ghana (BoG) has issued a strong advisory to the general public, banks, Dedicated Electronic Money Issuers (DEMIs), and Enhanced Payment Service Providers (EPSPs), cautioning them against conducting business with ten Money Transfer Organisations (MTOs) operating without regulatory approval in Ghana.
In a public notice dated June 27, the central bank flagged the following entities for unauthorized operations in the country’s remittance and foreign exchange markets: ACE Money Transfer, Remit Union, Remit Home, Roze Remit, Monty Global, Nairagram, I-Transfer, Hurupay, Eversend, and IZI Send.
The BoG cited Section 3.1 of the Foreign Exchange Act, 2006 (Act 723), which prohibits individuals or entities from engaging in foreign exchange transactions without a valid licence. Additionally, Section 15.3 of the Act mandates that all foreign exchange transfers to or from Ghana must be routed through licensed money transfer operators or authorised dealers.
The notice instructed all financial institutions and service providers to immediately cease any transactions with the listed MTOs. The Bank emphasized that only approved MTOs are permitted to handle remittance and forex flows in accordance with established regulatory frameworks.
The central bank further warned that failure to comply with this directive would attract strict sanctions, including the potential revocation of operating licences for institutions found to be in breach of the regulation.
This move forms part of the BoG’s broader efforts to safeguard the integrity of Ghana’s financial system and ensure transparency and accountability in the remittance and foreign exchange sectors.
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