The Bank of Ghana (BoG) has issued a public notice identifying ten Money Transfer Organisations (MTOs) operating within the country’s remittance and foreign exchange market without its approval.
According to the notice dated 27th June 2025 and signed by BoG Secretary Sandra Thompson, the unapproved MTOs are:
ACE Money Transfer
Remit Union
Remit Home
Roze Remit
Monty Global
Nairagram
I-Transfer
Hurupay
Eversend
Izi Send
The Bank cited Section 3.1 of the Foreign Exchange Act, 2006 (Act 723), which states that no person shall engage in foreign exchange transactions without a licence issued under the Act. It further referenced Section 15.3, which requires all foreign exchange transfers to or from Ghana to be conducted through licensed dealers.
BoG has, therefore, cautioned the public, banks, Dedicated Electronic Money Issuers (DEMI), and Enhanced Payment Service Providers (EPSP) to desist from conducting business with the listed institutions.
The central bank also reminded approved MTOs to route their foreign exchange flows strictly through their authorised partner institutions and comply with all operational guidelines.
The Bank warned that failure to adhere to these directives will attract severe sanctions, including the withdrawal of licences of institutions found to be in breach.
