The Bank of Ghana (BoG) has issued a stern warning to the public, financial institutions, and payment service providers, cautioning them against transacting with ten unlicensed Money Transfer Organisations (MTOs) operating in the country’s remittance and foreign exchange market.
According to the BoG, the following entities have been identified as operating without regulatory approval: ACE Money Transfer, Remit Union, Remit Home, Roze Remit, Monty Global, Nairagram, I-Transfer, Hurupay, Eversend, and IZI Send. The central bank cited Section 3.1 of the Foreign Exchange Act, 2006 (Act 723), which clearly states that “no person shall engage in foreign exchange business without a licence.”
The BoG has directed all financial service providers to “immediately cease any dealings” with the listed organisations, emphasizing that only licensed MTOs are permitted to facilitate foreign exchange transactions through partner institutions. The central bank warned that failure to comply will attract severe sanctions, including the potential withdrawal of licences from non-compliant institutions, as stipulated in Section 15.3 of the Foreign Exchange Act.
The Bank of Ghana’s warning underscores its commitment to enforcing regulatory compliance in the financial sector, ensuring the integrity and stability of Ghana’s financial system. By taking this action, the BoG aims to protect consumers and maintain trust in the country’s financial institutions.
Story By: Dennis Ato Keelson
