Ghana’s Remittance Space: BoG Lists 10 Unlicensed MTOs, Warns Financial Institutions, Public Against Dealings With Unlicensed MTOs
The Bank of Ghana (BoG) has issued a stern warning to financial institutions and the general public to desist from transacting with ten unlicensed Money Transfer Organisations (MTOs) identified as operating unlawfully within the country’s remittance and foreign exchange (forex) market.
In a notice dated June 27, 2025, and signed by Secretary to the Bank, Sandra Thompson, the Central Bank cautioned that ACE Money Transfer, Remit Union, Remit Home, Roze Remit, Monty Global, Nairagram, I-Transfer, Hurupay, Eversend, and IZI Send are not approved to conduct remittance or forex transactions in Ghana.
The regulator emphasized that engaging in foreign exchange transactions without a valid licence is a violation of Section 3.1 of the Foreign Exchange Act, 2006 (Act 723), which expressly prohibits such activities. Section 15.3 of the same Act also mandates that all cross-border forex transfers be executed exclusively through licensed money transfer operators or authorized dealers.
“All market players are reminded of the above directives and entreated to comply accordingly,” the BoG stated, warning that non-compliance would attract “severe sanctions including the withdrawal of the licence of the institution in breach.”
The Central Bank further directed approved MTOs to terminate all foreign exchange flows solely through their designated partner institutions and to adhere strictly to the regulatory guidelines governing their operations.
The notice issued by the BoG forms part of its broader regulatory enforcement efforts aimed at curbing illicit financial flows, protecting the integrity of Ghana’s forex market, and safeguarding the interest of remittance recipients.
Ghana’s remittance inflows, a critical source of foreign exchange, continue to rise steadily, underscoring the need for robust oversight. The proliferation of unapproved operators risks distorting the market, weakening monetary policy transmission, and exposing consumers to fraud.
Banks, Dedicated Electronic Money Issuers (DEMIs), and Enhanced Payment Service Providers (EPSPs) have therefore been cautioned to exercise heightened due diligence and refrain from facilitating transactions involving the named entities.
The BoG reiterated its commitment to maintaining a sound financial system and signalled that further enforcement measures could follow if the warnings are not heeded.
