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 en...