The Bank of Ghana (BoG) has sounded the alarm on ten Money Transfer Operators (MTOs) found operating in the country without proper authorization.
These companies are now banned from conducting any transactions within Ghana’s financial ecosystem.
The Banned Money Transfer Services include
– ACE Money Transfer
– Remit Union
– Remit Home
– Roze Remit
– Monty Global
– Nairagram
– I-Transfer
– Hurupay
– Eversend
– IZI Send
According to BoG, these firms have been dealing in foreign exchange and remittances without the required licenses, which is a direct breach of Ghana’s Foreign Exchange Act, 2006 (Act 723).
Under this law:
– Only licensed entities may participate in forex operations (Section 3.1).
– All money transfers to and from Ghana must go through approved providers (Section 15.3).
All banks, dedicated Electronic Money Issuers (DEMIs), and Enhanced Payment Service Providers (EPSPs) are instructed to immediately stop any dealings with the flagged companies.
Financial institutions that ignore this directive risk strict regulatory sanctions, including the revocation of their licenses.
