Bank of Ghana warns against unapproved money transfer organizations

The Bank of Ghana (BoG) has issued a stern warning to the general public and financial institutions to avoid engaging with a list of unapproved Money Transfer Organisations (MTOs) currently operating within the remittance and foreign exchange market in Ghana.

In an official notice (BG/FMD/2025/41) signed by Secretary Sandra Thompson on June 27, 2025, the central bank revealed that several MTOs are conducting business without the necessary regulatory approval. These entities include:

• ACE Money Transfer
• Remit Union
• Remit Home
• Roze Remit
• Monty Global
• Nairagram
• i-Transfer
• Hurupay
• Eversend
• 121 Send

The Bank emphasized that such operations contravene Section 3.1 of the Foreign Exchange Act, 2006 (Act 723), which mandates that no individual or entity shall engage in foreign exchange business without a valid license from the BoG. Additionally, Section 15.3 of the Act states that all foreign exchange transfers into or out of Ghana must be processed through licensed money transfer agents or other authorized dealers.

The BoG cautioned banks, Dedicated Electronic Money Issuers (DEMIs), and Enhanced Payment Service Providers (EPSPs) to desist from transacting with the listed unlicensed MTOs.

Furthermore, the notice reminded all approved MTOs to strictly terminate their foreign exchange flows through their registered partner institutions and adhere fully to operational guidelines. The BoG warned that any institution found in violation of these directives could face severe sanctions, including license revocation.

This move forms part of the Bank’s ongoing efforts to sanitize the financial sector and protect the integrity of Ghana’s foreign exchange market.