The Bank of Ghana (BoG) has issued a public notice identifying ten Money Transfer Organisations (MTOs) operating illegally in the remittance and forex market without the necessary regulatory approval.
According to the statement dated June 27, 2025, these entities are conducting foreign exchange and remittance operations in violation of the Foreign Exchange Act, 2006 (Act 723).
The unapproved MTOs include: ACE Money Transfer, Remit Union, Remit Home, Roze Remit, Monty Global, Mainagram, I-Transfer, Hurupay, Eversend and IZI Send.
The Bank of Ghana cited Section 3.1 of Act 723, which prohibits entities from engaging in foreign exchange dealings without a valid license.
Section 15.3 further mandates that all transfers of foreign exchange to or from Ghana must be conducted through licensed institutions.
As a result, BoG has directed all public institutions, banks, Dedicated Electronic Money Issuers (DEMIs), and Enhanced Payment Service Providers (EPSPs) to desist from engaging with these listed entities.
Furthermore, the notice warns approved MTOs to strictly adhere to operational guidelines and terminate any partnerships with unlicensed operators.
BoG noted that failure to comply with these directives will attract severe sanctions, including the possible withdrawal of operational licenses.
