Bank of Ghana Warns Public Against Unapproved Money Transfer Services

The Bank of Ghana has issued a public notice regarding several Money Transfer Organizations (MTOs) operating without the necessary approval within the remittance and Ghana Forex Market. This is a critical announcement for anyone involved in sending or receiving money to and from Ghana, as dealing with unapproved entities can carry significant risks.

The following MTOs have been identified as operating without the required license:

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 Section 3.1 of the Foreign Exchange Act, 2006 Act 723, it is illegal to engage in the business of dealing in foreign exchange without a valid license. Furthermore, Section 15.3 stipulates that all foreign exchange transfers to and from Ghana must be conducted through licensed money transfer operators or authorized dealers.

The Bank of Ghana is cautioning the public, banks, Dedicated Electronic Money Issuers (DEMIs), and Enhanced Payment Service Providers (EPSPs) to cease all dealings with these unapproved institutions. Approved MTOs are also reminded to ensure that all foreign exchange flows are conducted solely through their partner institutions and in strict adherence to all operational guidelines.

Non-compliance with these directives will result in severe penalties, including the potential revocation of the breaching institution’s license. All market participants are urged to take note of this notice and comply accordingly to avoid sanctions.

What This Means for You:

• If you send or receive money from Ghana: Double-check that the MTO you are using is approved by the Bank of Ghana.
• For Banks, DEMIs, and EPSPs: Ensure you are not facilitating transactions for any of the listed unapproved MTOs.
• For Approved MTOs: Strictly adhere to all regulations and guidelines to avoid penalties.

Staying informed and compliant is crucial to maintaining the integrity of the Ghana Forex Market and protecting yourself from potential risks associated with unapproved financial activities.