The Bank of Ghana (BoG) has strongly warned the public to avoid transacting with ten unlicensed Money Transfer Organisations (MTOs) operating in the remittance and foreign exchange markets without regulatory approval.
In a notice dated June 27, the central bank named the following companies as unauthorised: ACE Money Transfer, Remit Union, Remit Home, Roze Remit, Monty Global, Nairagram, I-Transfer, Hurupay, Eversend, and IZI Send.
The BoG has directed all financial service providers to immediately cut ties with these entities. It stressed that only licensed MTOs can facilitate foreign exchange flows through partner institutions, in line with regulatory requirements.
The central bank cited Section 3.1 of the Foreign Exchange Act, 2006 (Act 723), which bans individuals and institutions from engaging in foreign exchange transactions without a licence. It also pointed to Section 15.3 of the same Act, which requires all foreign exchange transfers to or from Ghana to go through authorised dealers or licensed money transfer operators.
