The Bank of Ghana (BoG) has issued a firm warning to the general public, commercial banks, Dedicated Electronic Money Issuers (DEMIs), and Enhanced Payment Service Providers (EPSPs) to immediately cease all transactions with ten unauthorised Money Transfer Operators (MTOs) currently operating in the country’s remittance and foreign exchange markets.
In an official notice dated June 27, the central bank identified the following entities 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 Bank cited Section 3.1 of the Foreign Exchange Act, 2006 (Act 723), which explicitly prohibits any person or entity from engaging in foreign exchange transactions without a valid licence. Additionally, Section 15.3 of the Act mandates that all foreign exchange transfers to and from Ghana must be conducted exclusively through licensed money transfer organisations or authorised dealers.
The BoG emphasized that the listed companies are not authorised to operate in Ghana and that financial institutions must discontinue any partnerships or transactions with them.
“Only licensed Money Transfer Operators are permitted to facilitate foreign exchange transfers through authorised institutions in accordance with regulatory standards,” the notice stressed.
The Bank reaffirmed its commitment to ensuring the integrity and security of Ghana’s financial ecosystem and warned of strict enforcement measures against any institutions found in breach of this directive.
Story By: Afia Ohenewaa Akyerem