BoG warns against Eversend, Hurupay, 8 others for operating forex without approval

Published 8 hours ago• 2 minute read

Bank of Ghana Headquarters

The Bank of Ghana has warned against transacting with some ten (10) Money Transfer Organisations (MTOs), including Eversend and Hurupay.

It stated that these organisations have been operating within the Remittance and Ghana Forex Market without approval from the Bank of Ghana.

In a statement issued on June 27, 2025, the Central Bank listed the organisations as follows:

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 the bank, Section 3.1 of the Foreign Exchange Act, 2006 Act 723 states that, “a person shall not engage in the business of dealing in foreign exchange without a licence issued under this Act”.

Additionally, it noted that Section 15.3 of the Foreign Exchange Act states, “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.”

Therefore, the BoG has asked the Public, Banks, Dedicated Electronic Money Issuers (DEMIs), and Enhanced Payment Service Providers (EPSPs) to desist from dealing with any of these institutions.

However, "approved MTOs are reminded to terminate their foreign exchange flows through their partner institutions only, and to adhere strictly to all the guidelines in respect of their operations."

"By this Notice, all market players are reminded of the above directives and entreated to comply accordingly. Non-compliance will result in severe sanctions, including the withdrawal of the licence of the institution in breach," parts of BoG's statement read.