The Bank of Ghana (BoG) has issued a public notice blacklisting ten Money Transfer Organisations (MTOs) for operating in the remittance and forex markets without proper authorization. The central bank warns individuals and financial institutions against transacting with these unapproved entities.
In a statement dated 27th June 2025, the BoG identified the following MTOs as unlicensed:
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 central bank, these organizations have not obtained the necessary approvals to deal in foreign exchange or facilitate international money transfers in Ghana, contravening provisions in the Foreign Exchange Act, 2006 (Act 723). Specifically, section 3.1 prohibits engaging in foreign exchange business without a valid license, while section 15.3 mandates that all transfers to or from Ghana must be conducted through licensed dealers.
The BoG emphasized that public institutions, banks, Dedicated Electronic Money Issuers (DEMIs), and Enhanced Payment Service Providers (EPSPs) should immediately cease any dealings with the listed entities.
“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,” the notice read.
The central bank cautioned that non-compliance will attract severe sanctions, including possible license withdrawal for any institution found in breach of the directive.
This action forms part of the BoG’s broader efforts to sanitize Ghana’s financial ecosystem and ensure the integrity of the country’s remittance and forex operations.
