The Bank of Ghana (BoG) has issued a stern warning to the public, banks, Dedicated Electronic Money Issuers (DEMIs), and Enhanced Payment Service Providers (EPSPs) regarding ten Money Transfer Organisations (MTOs) operating within the remittance and foreign exchange markets without proper authorization from the central bank. This caution, dated June 27, 2025, follows the identification of several entities conducting illicit activities in these crucial financial sectors, posing a risk to the integrity of Ghana’s financial system.

The BoG explicitly stated that the operations of these unapproved MTOs constitute a direct violation of the Foreign Exchange Act, 2006 (Act 723). Specifically, Section 3.1 of the Act mandates that “A person shall not engage in the business of dealing in foreign exchange without a licence issued under this Act,” while Section 15.3 further stipulates that “Each transfer of foreign exchange to or from Ghana shall be made through a person licensed to carry out the business of money transfers or any other authorised dealer.”

The central bank has blacklisted the following ten Money Transfer Organisations, urging all financial market participants to refrain from engaging in any transactions with them: ACE Money Transfer, Remit Union, Remit Home, Roze Remit, Monty Global, Nairagram, i-Transfer, Hurupay, Eversend, and Izi Send.

The Bank of Ghana has reiterated its unwavering commitment to safeguarding the stability and integrity of Ghana’s financial system. It has advised the general public to conduct all foreign exchange transactions exclusively with licensed and approved institutions. Furthermore, approved MTOs are reminded of their obligation to terminate foreign exchange flows solely through their designated partner institutions and to adhere strictly to all operational guidelines.

The BoG concluded its warning by emphasizing that non-compliance with these directives by any player in the foreign exchange and remittance markets will result in severe sanctions, including the potential withdrawal of their operational licences. This strict stance aims to ensure full adherence to regulatory frameworks and protect consumers and the broader financial ecosystem from unauthorized practices.