By Kingsley Webora TANKEH
The Bank of Ghana (BoG), in a statement dated June 27, 2025, has cautioned the public, banks, Dedicated Electronic Money Issuers (DEMI) and Enhanced Payment Service Providers (EPSP) to desist from dealing with 10 unapproved money transfer organisations (MTOs) operating in the country.
These include Ace Money Transfer, Remit Union, Remit Home, Roze Remit, Monty Global, Nairagram, I-Transfer, Hurupay, Eversend and Izi Send.
The directive underscores BoG’s intensified efforts to regulate the sector, combat illicit financial flows, protect consumers and ensure stability and integrity for the Ghanaian foreign exchange market.
BoG urged the general public to “desist from dealing with any of these institutions” in sending or receiving remittances, considering the risks of potential funds-loss and lack of consumer protection since they are not regulated by the Bank of Ghana.
Signed by central bank Secretary, Sandra Thompson, the directive is in line with the Foreign Exchange Act, 2006 (Act 723). The Act regulates how FX market activities and remittances ought to be conducted in Ghana.
The statement referenced Section 3.1 of the Act, which states that “a person shall not engage in the business of dealing in foreign exchange without a licence issued under this Act”.
The regulator cautioned banks, Dedicated Electronic Money Issuers (DEMIs) and Enhanced Payment Service Providers (EPSPs) explicitly against processing transactions or providing any services to the named unapproved MTOs – stressing that non-compliance will attract severe sanctions which may include withdrawing the licence of any institution in breach.
Unauthorised money transfer organisations operating within Ghana’s remittance and forex market are making the country haemorrhage significant foreign exchange.
Remittances are a vital source of foreign exchange. This directive comes at a time when the Bank of Ghana is working assiduously to track remittances into the country to boost its FX market and anchor the cedi’s stability.
Banks and other fintech operators are advised to route their foreign exchange flows through only their BoG-licenced partner institutions and strictly adhere to all operational guidelines.
“Approved MTOs are reminded to terminate their foreign exchange flows through their partner institutions only and adhere strictly to all the guidelines in respect of their operations,” a portion of the statement read.
The central bank strongly advised consumers and businesses to verify the BoG licencing status of any MTO before engaging their services for remittances or forex transactions.
