The Bank of Ghana (BoG) has issued a stern warning to the public and financial institutions against dealing with ten unlicensed Money Transfer Operators (MTOs) active in Ghana’s remittance and foreign exchange markets.
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In a notice dated June 27, the central bank named the following entities: ACE Money Transfer, Remit Union, Remit Home, Roze Remit, Monty Global, Nairagram, I-Transfer, Hurupay, Eversend, and IZI Send. These firms, the BoG stressed, are not authorised to operate within the country.
Citing Section 3.1 of the Foreign Exchange Act, 2006 (Act 723), the BoG reiterated that no individual or institution is allowed to engage in foreign exchange transactions without proper licensing. It also referenced Section 15.3 of the same Act, which mandates that all foreign transfers must go through licensed MTOs or authorised dealers.
Accordingly, banks, Dedicated Electronic Money Issuers (DEMIs), and Enhanced Payment Service Providers (EPSPs) have been instructed to cut all ties with the flagged companies immediately.
The BoG emphasized that only authorised operators are permitted to channel foreign exchange through partner institutions in accordance with regulatory standards. It further warned that institutions failing to comply with this directive could face strict penalties, including possible licence revocation.
