The Bank of Ghana (BoG) has issued a firm warning to the public and financial institutions—including banks, Dedicated Electronic Money Issuers (DEMIs), and Enhanced Payment Service Providers (EPSPs)—against conducting business with ten unlicensed Money Transfer Operators (MTOs) active in the country’s remittance and forex markets.
In a public notice dated June 27, the central bank identified the following entities as operating without proper authorization: ACE Money Transfer, Remit Union, Remit Home, Roze Remit, Monty Global, Nairagram, I-Transfer, Hurupay, Eversend, and IZI Send.
BoG cited Section 3.1 of the Foreign Exchange Act, 2006 (Act 723), which prohibits foreign exchange activities without a valid license, and emphasized Section 15.3, which mandates that all international transfers must go through licensed MTOs or authorised dealers.
Financial service providers have been instructed to immediately cut ties with the listed organisations.
The BoG warned that failure to comply could lead to serious consequences, including the revocation of operating licences.
