The Bank of Ghana has warned the public to stay away from some ten unapproved Money Transfer Organisations (MTOs) operating in the Remittance and Ghana Forex Market.
These unapproved Money Transfer Organisations (MTOs), according to the central bank, are ACE MONEY TRANSFER, REMIT UNION, REMIT HOME, ROZE REMIT, MONTY GLOBAL, NAIRAGRAM, I-TRANSFER, HURUPAY, EVERSEND and IZI SEND.
According to Section 3.1 of the Foreign Exchange Act, 2006 (Act 723), engaging in foreign exchange dealings without a proper license is prohibited.
Additionally, Section 15.3 specifies that any transfer of foreign exchange to or from Ghana must be conducted through a licensed money transfer entity or an authorised dealer.
In a statement released on Friday, June 27, the central bank urged the public, banks, Dedicated Electronic Money Issuers (DEMIs), and Enhanced Payment Service Providers (EPSPs) to refrain from dealings with these unapproved organisations.
“Approved MTOs are reminded to terminate their foreign exchange flows through their partner institutions only and to adhere strictly to all the guidelines in respect of their operations. By this Notice, all market players are reminded of the above directives and entreated to comply accordingly.
“Non-compliance will result in severe sanctions, including the withdrawal of the licence of the institution in breach,” the statement issued by the Bank of Ghana said.
Find the full statement below.
[gview file=”https://www.theghanareport.com/wp-content/uploads/2025/06/Unapproved-Money-Transfer-Organisation-MTOs-Operating-in-the-Remittance-and-the-Ghana-Forex-Market.pdf”]
