The Bank of Ghana has issued a warning to the public, banks, and other financial institutions about unapproved Money Transfer Organisations (MTOs) operating in the remittance and foreign exchange market. The central bank has identified 10 MTOs that are operating without approval, including Ace Money Transfer, Remit Union, and Roze Remit, among others.
According to the Bank of Ghana, these unapproved MTOs are in breach of the Foreign Exchange Act, 2006 (Act 723), which requires that any person dealing in foreign exchange must have a license issued under the Act. The public is cautioned to desist from dealing with these unapproved institutions, and approved MTOs are reminded to adhere strictly to the guidelines governing their operations.
The Bank of Ghana has warned that non-compliance will result in severe sanctions, including the withdrawal of the license of the institution in breach. The central bank’s warning aims to protect the integrity of the financial system and prevent potential risks associated with unapproved foreign exchange transactions.
Sankofaonline
