As part of efforts to safeguard Ghana’s financial system, the Bank of Ghana (BoG) has publicly named and warned against 10 unapproved Money Transfer Organisations (MTOs) that are operating within the country’s remittance and forex market without regulatory approval.
The bank in a statement cited by The High Street Journal listed the offending entities and cautioned the public, banks, and financial service providers to immediately cease all dealings with these firms, describing their operations as a clear violation of the Foreign Exchange Act, 2006 (Act 723).
The unapproved MTOs include: ACE Money Transfer, Remit Union, Remit Home, Roze Remit, Monty Global, Nairagram, I-Transfer, Hurupay, Eversend, and IZI Send.
According to the Bank of Ghana, these firms are operating illegally within the remittance and forex space, activities which the law strictly reserves for licensed dealers and authorized institutions.
“A person shall not engage in the business of dealing in foreign exchange without a licence issued under this Act,” the Bank quoted from Section 3.1 of the Foreign Exchange Act.
The Bank further warned that any transfers of foreign exchange to or from Ghana must be made through licensed persons only, highlighting that these unauthorized operations not only breach the law but also pose serious risks to consumers’ funds and the integrity of the financial system.
The BoG’s directive was especially pointed toward banks, Dedicated Electronic Money Issuers (DEMIs), and Enhanced Payment Service Providers (EPSPs), who were explicitly cautioned not to engage with the blacklisted institutions.
Approved MTOs were also reminded to terminate all foreign exchange flows strictly through their licensed partner institutions and to adhere to established operational guidelines or risk facing sanctions.
“Non-compliance will result in severe sanctions, including the withdrawal of the licence of the institution in breach,” the notice emphasized.
This warning comes at a time when remittance inflows have become a critical source of foreign exchange for Ghana, especially in light of tight revenue conditions and limited access to international capital markets.
Experts say using unapproved MTOs could mean your funds may never arrive or be traceable or you could fall victim to fraud or exploitative charges.
In addition, you may be inadvertently contributing to illegal financial flows, undermining national security and monetary policy.
This warning is a wake-up call not only for financial institutions but for ordinary Ghanaians, especially those sending or receiving money from abroad, to verify the legitimacy of money transfer services.
