The Bank of Ghana (BoG) has issued a stern warning to the public, banks, and payment platforms to avoid engaging with ten Money Transfer Organisations (MTOs) or firms operating without proper authorisation in Ghana’s remittance and foreign-exchange markets.
The unapproved 10
BoG’s public notice, dated June 27, 2025, identifies the following unlicensed Money Transfer Organisations:
- ACE Money Transfer
- Remit Union
- Remit Home
- Roze Remit
- Monty Global
- Mainagram
- I‑Transfer
- Hurupay
- Eversend
- IZI Send
These entities are in breach of the Foreign Exchange Act (Act 723), which mandates that only licensed institutions may engage in foreign-exchange dealings
Why this matters
Legal compliance: Under Section 3.1 of Act 723, any foreign-exchange or remittance business must hold a Bank of Ghana-issued license.
Consumer protection: Using unlicensed operators can expose customers to fraud, poor exchange rates, unauthorised transfers, and zero recourse in case of disputes.
What approved institutions must do
The BoG has warned all banks, Dedicated Electronic Money Issuers (DEMIs), Enhanced Payment Service Providers (EPSPs), and licensed MTOs to:
- Immediately cease any dealings with these ten listed firms.
- Ensure all currency transfers flow only through authorised partners.
- Adhere strictly to all licensure and operational guidelines
- Failure to comply could result in severe sanctions, including the revocation of operating licenses
What you need to do
Before sending or receiving money, confirm if an MTO is listed on the BoG’s official directory of licensed operators.
Stick to trusted providers with proper BoG approval—this ensures legal protection and reliable service.
Report any suspicious or unlicensed transfer service to the Bank of Ghana or your financial institution.
Broader context
This warning comes amid heightened scrutiny of digital and remittance platforms in Ghana. In recent months, BoG has similarly flagged unapproved digital payment platforms like YellowPay and HanyPay for offering cross-border services without proper licensing.
