Accra, Ghana — In a decisive move to safeguard the integrity of Ghana’s foreign exchange and remittance landscape, the Bank of Ghana has issued a firm public directive cautioning against dealings with ten unlicensed Money Transfer Organisations (MTOs) currently operating without approval.
The central bank’s Notice No. BG/FMD/2025/41 names the following entities as operating illegally within the remittance and forex market: ACE Money Transfer, Remit Union, Remit Home, Roze Remit, Monty Global, Nairagram, i-Transfer, Hurupay, Eversend, and Izi Send.
This announcement comes under the authority of Section 3.1 of the Foreign Exchange Act, 2006 (Act 723), which expressly prohibits individuals or organizations from dealing in foreign exchange without a license. The directive also reaffirms Section 15.3, which mandates that all cross-border transfers must be processed through duly licensed money transfer agents or authorized dealers.
In light of this, the Bank of Ghana is advising the general public, as well as all Banks, Dedicated Electronic Money Issuers (DEMIs), and Enhanced Payment Service Providers (EPSPs), to immediately cease any engagements with the listed organizations. Approved MTOs are also reminded to strictly channel their forex flows through authorized partner institutions and to fully comply with regulatory guidelines.
Failure to heed this directive, the notice warns, will attract severe sanctions, including revocation of licenses and legal prosecution.
This bold step affirms the Bank of Ghana’s commitment to maintaining financial transparency and protecting consumers from the risks associated with unregulated operators. The central bank urges all market participants to stay vigilant, verify licenses, and help preserve the integrity of Ghana’s financial ecosystem.
