- 10 MTOs Blacklisted:
The Bank of Ghana has identified 10 unapproved Money Transfer Organisations (MTOs) operating in the remittance and forex markets without its approval. - The Unapproved MTOs Include:
ACE Money Transfer, Remit Union, Remit Home, Roze Remit, Monty Global, Nairagram, I-Transfer, Hurupay, Eversend, and IZI Send. - Violation of Law:
These companies are breaching Section 3.1 of the Foreign Exchange Act, 2006 (Act 723), which prohibits forex dealings without a BoG-issued licence. - Illegal Transfers:
Also, under Section 15.3, only licensed institutions are permitted to transfer foreign exchange to or from Ghana. - Public Advisory Issued:
BoG is warning the public, banks, DEMIs, and EPSPs to avoid engaging with these blacklisted MTOs. - Strict Partner Rule:
Approved MTOs must now route all transactions through their licensed local partners only, no direct operations allowed. - Enforcement Looms:
Non-compliance will lead to sanctions, including revocation of licences of any institution found guilty of engaging with these MTOs. - Clear Operational Limits:
Even approved players must strictly follow BoG guidelines or risk regulatory action. - Market Reminder:
This is a compliance warning to all financial market participants, BoG is watching and will act. - Deadline is Now:
The notice takes immediate effect, no grace period was mentioned.
So What?
The Bank of Ghana’s latest notice is not just a warning, it’s a line in the sand. As digital remittances grow, regulatory compliance is no longer optional. Financial institutions, fintechs, and consumers alike must verify who they deal with, or risk severe consequences.
