Avoid these money transfer firms – Bank of Ghana releases cautionary list

The Bank of Ghana (BoG) has issued a warning to the public regarding certain Money Transfer Organisations (MTOs) operating within the remittance and foreign exchange markets without authorisation from the central bank.

In a statement released on Friday, 27 June, the Bank stated that it had identified several entities conducting unauthorised activities in these sectors.

As a result, the public, banks, Dedicated Electronic Money Issuers (DEMIs), and Enhanced Payment Service Providers (EPSPs) have been cautioned to refrain from engaging in any transactions with these unapproved organisations.

The unauthorised Money Transfer Organisations are listed as follows:

1. ACE Money Transfer

2. Remit Union

3. Remit Home

4. Roze Remit

5. Monty Global

6. Nairagram

7. i-Transfer

8. Hurupay

9. Eversend

10. Izi Send

The statement referenced Section 3.1 of the Foreign Exchange Act, 2006 (Act 723), which states: “A person shall not engage in the business of dealing in foreign exchange without a licence issued under this Act.”

Furthermore, Section 15.3 of the same Act specifies that: “Each transfer of foreign exchange to or from Ghana shall be made through a person licensed to carry out the business of money transfers or any other authorised dealer.”

The Bank of Ghana reiterated its commitment to safeguarding the integrity of Ghana’s financial system and advised the general public to conduct foreign exchange transactions only with licensed and approved institutions.

Read the BOG statement below;