The Bank of Ghana has issued a stern warning to financial institutions and the general public about the operations of ten unlicensed Money Transfer Organisations (MTOs) currently operating within the remittance and foreign exchange market in the country.
In a notice dated June 27, 2025, and signed by the Bank’s Secretary, Sandra Thompson, the central bank revealed that these entities are operating without the necessary approvals required under Ghana’s financial laws.
The unapproved MTOs named in the statement are:
ACE Money Transfer
Remit Union
Remit Home
Roze Remit
Monty Global
Nairagram
I-Transfer
Hurupay
Eversend
Izi Send
Citing Section 3.1 of the Foreign Exchange Act, 2006 (Act 723), the Bank emphasized that, “a person shall not engage in the business of dealing in foreign exchange without a licence issued under this Act.” It further pointed to Section 15.3 of the same Act, which mandates that all transfers of foreign exchange to or from Ghana must be conducted through licensed entities or authorised dealers.
The Bank of Ghana has, therefore, cautioned all commercial banks, Dedicated Electronic Money Issuers (DEMIs), Enhanced Payment Service Providers (EPSPs), and the general public to cease all dealings with the listed organisations.
“The Public, Banks, Dedicated Electronic Money Issuer (DEMI) and Enhanced Payment Service Providers (EPSP) are by this Notice cautioned to desist from dealing with any of these institutions,” the notice stated.
The central bank also reminded licensed MTOs to channel their foreign exchange flows through approved partner institutions and to adhere strictly to operational guidelines. Failure to comply with these directives, the Bank warned, could attract severe sanctions, including revocation of operating licences.
This move underscores the Bank of Ghana’s ongoing efforts to sanitise the remittance and foreign exchange space, protect consumers, and ensure the integrity of financial transactions in the country.
