Bank of Ghana Cautions Public Against Unlicensed Money Transfer Organisations
The Bank of Ghana (BoG) has issued a strong warning to the general public financial institutions and electronic money service providers against conducting business with a list of unauthorised Money Transfer Organisations (MTOs) operating within Ghana’s remittance and foreign exchange markets.
In an official statement released on Friday, June 27, 2025, the central bank revealed that several entities have been identified as operating without the necessary authorisation. As a result the BoG has cautioned banks Dedicated Electronic Money Issuers (DEMIs) Enhanced Payment Service Providers (EPSPs), and the general public to avoid any transactions with these unapproved operators.
List of Unauthorised MTOs:
1. ACE Money Transfer
2. Remit Union
3. Remit Home
4. Roze Remit
5. Monty Global
6. Nairagram
7. i-Transfer
8. Hurupay
9. Eversend
10. Izi Send
According to the Bank of Ghana, these organisations are in violation of key provisions of the Foreign Exchange Act, 2006 (Act 723). Specifically:
• Section 3.1 of the Act states: “A person shall not engage in the business of dealing in foreign exchange without a licence issued under this Act.
• Section 15.3 adds: Each transfer of foreign exchange to or from Ghana shall be made through a person licensed to carry out the business of money transfers or any other authorised dealer.
The BoG emphasised that engaging with these unauthorised entities not only breaches the law but also poses significant risks to individuals and institutions, including the potential for financial loss and lack of consumer protection.
The central bank reaffirmed its commitment to maintaining the stability and integrity of Ghana’s financial system and urged the public to conduct all foreign exchange and remittance transactions through licensed and approved institutions only.
Members of the public are encouraged to verify the licensing status of any money transfer organisation before initiating transactions. The Bank of Ghana continues to monitor the financial ecosystem and will take the necessary steps to ensure compliance with regulatory standards.
For a full list of licensed money transfer operators and foreign exchange dealers in Ghana individuals can visit the official website of the Bank of Ghana.