Bank of Ghana Warns Against Unlicensed Money Transfer Firms

The Bank of Ghana (BoG) has issued a public warning about the operations of several Money Transfer Organisations (MTOs) that are conducting business in Ghana’s remittance and foreign exchange markets without the required authorization.

In a statement released on Friday, June 27, the central bank disclosed that it had identified multiple entities operating in violation of existing financial regulations. The BoG cautioned individuals, commercial banks, Dedicated Electronic Money Issuers (DEMIs), and Enhanced Payment Service Providers (EPSPs) to avoid transacting with these unlicensed organisations.

The unauthorised MTOs listed by the BoG include:

1. ACE Money Transfer

2. Remit Union

3. Remit Home

4. Roze Remit

5. Monty Global

6. Nairagram

7. i-Transfer

8. Hurupay

9. Eversend

10. Izi Send

Citing Section 3.1 of the Foreign Exchange Act, 2006 (Act 723), the BoG emphasized that no individual or entity may deal in foreign exchange without a valid license. Additionally, Section 15.3 of the Act mandates that all international money transfers to and from Ghana must be processed through a licensed and authorised service provider.

The central bank reaffirmed its dedication to maintaining the integrity of Ghana’s financial system and urged the public to conduct all foreign exchange and remittance transactions exclusively through licensed institutions.

The full statement from the Bank of Ghana can be found below.