The Bank of Ghana (BoG) has issued a strong caution to the public, banks, Dedicated Electronic Money Issuers (DEMIs), and Enhanced Payment Service Providers (EPSPs), advising them to refrain from transacting with ten Money Transfer Organisations (MTOs) operating in the remittance and foreign exchange market without regulatory approval.

In a notice dated June 27, the central bank flagged the following entities: ACE Money Transfer, Remit Union, Remit Home, Roze Remit, Monty Global, Nairagram, I-Transfer, Hurupay, Eversend, and IZI Send for operating in Ghana’s remittance and forex markets without authorisation.

The Bank cited Section 3.1 of the Foreign Exchange Act, 2006 (Act 723), which prohibits any person from engaging in foreign exchange dealings without a licence. It further referenced Section 15.3 of the same Act, which stipulates that all foreign exchange transfers to or from Ghana must be routed through licensed money transfer businesses or authorised dealers.

The BoG has directed all financial service providers to immediately cease any dealings with the listed organisations, underscoring that only approved MTOs are permitted to channel foreign exchange flows through partner institutions in line with regulatory guidelines.

The central bank also warned that non-compliance will attract severe sanctions, including the potential withdrawal of licences from institutions found to be in breach.