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BoG Warns Against Unlicensed Money Transfer Firms; Lists 10 Banned Operators
The Bank of Ghana (BoG) has issued a strong warning to the public and all financial sector stakeholders, including banks, dedicated electronic money issuers (DEMIs), and enhanced payment service providers (EPSPs), to refrain from transacting with ten unlicensed money transfer organisations currently operating in the remittance and foreign exchange market.
In a statement released on June 27, 2025, the central bank listed the following companies as operating without regulatory approval: Ace Money Transfer, Remit Union, Remit Home, Roze Remit, Monty Global, Nairagram, I-Transfer, Hurupay, Eversend, and Izi Send.
“The public, banks, DEMIs, and EPSPs are by this notice cautioned to desist from dealing with any of these institutions,” the BoG said.
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The statement further emphasised that non-compliance with the directive will attract severe sanctions, including the revocation of licences for any institution found in breach.
BoG reminded all market participants that only institutions licensed under the Foreign Exchange Act, 2006 (Act 723), are permitted to deal in foreign exchange and money transfers. According to Section 3.1 of the Act, “a person shall not engage in the business of dealing in foreign exchange without a licence issued under this Act.” Additionally, Section 15.3 mandates that all foreign exchange transfers into or out of Ghana must be processed through a licensed money transfer organisation or authorised dealer.
“Approved money transfer organisations are reminded to terminate their foreign exchange flows through their partner institutions only and to adhere strictly to all the guidelines in respect of their operations,” the BoG reiterated.
The central bank’s caution follows increased concern over the activities of unlicensed money transfer services, which pose a risk to financial stability, customer protection, and foreign exchange integrity.
The BoG has urged the public to verify the licensing status of any financial service provider before engaging in foreign exchange or remittance transactions.
Unapproved-Money-Transfer-Organisation-MTOs-Operating-in-the-Remittance-and-the-Ghana-Forex-Market
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