The Bank of Ghana (BoG) has issued a strong warning to the public and financial sector stakeholders to steer clear of ten foreign money transfer organisations currently operating in the country without proper regulatory approval.
In a statement dated June 27, 2025, the central bank named Ace Money Transfer, Remit Union, Remit Home, Roze Remit, Monty Global, Nairagram, I-Transfer, Hurupay, Eversend, and Izi Send as companies that are not authorised to operate within Ghana’s remittance and foreign exchange market.
According to the BoG, engaging with these entities—whether as a consumer, bank, dedicated electronic money issuer (DEMI), or enhanced payment service provider (EPSP)—violates Sections 3.1 and 15.3 of the Foreign Exchange Act, 2006 (Act 723), which mandate that only licensed institutions are permitted to conduct foreign exchange and money transfer transactions.
“By this notice, all market players are reminded of the above directives and entreated to comply accordingly,” the statement emphasized, adding that those who flout the directive risk severe penalties, including possible revocation of their operational licenses.
The BoG further reminded approved money transfer organisations to route all foreign exchange inflows strictly through their licensed partner institutions and adhere to all operational guidelines outlined under existing regulatory frameworks.
This latest move underscores the central bank’s intensified efforts to sanitise Ghana’s remittance and forex market by clamping down on unlicensed operators and reinforcing regulatory compliance among stakeholders.
Consumers have been urged to verify the regulatory status of money transfer providers before initiating transactions to avoid potential risks and losses.
