The Bank of Ghana (BoG) has cautioned the public, banks, Dedicated Electronic Money Issuers (DEMIs), and Enhanced Payment Service Providers (EPSPs) against conducting any transactions with ten unlicensed money transfer organisations operating in the remittance and foreign exchange market.
The listed organisations are:
1. ACE MONEY TRANSFER
2. REMIT UNION
3. REMIT HOME
4. ROZE REMIT
5. MONTY GLOBAL
6. NAIRAGRAM
7. I-TRANSFER
8. HURUPAY
9. EVERSEND
10. IZI SEND
“By this notice, all market players are reminded of the above directives and entreated to comply accordingly”, a statement released by the BoG on June 27, 2025, said.
The BoG further warned that failing to comply with its directive may result in severe sanctions, including the possible withdrawal of the license of any institution found to be in breach.
“Approved money transfer organisations 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”.
The central bank referenced Section 3.1 of the Foreign Exchange Act, 2006 (Act 723), which states: “a person shall not engage in the business of dealing in foreign exchange without a licence issued under this Act”.
It also cited Section 15.3 of the Act, stating: “each transfer of foreign exchange to or from Ghana shall be made through a person licensed to carry out the business of money transfers or any other authorised dealer.”
“The Public, Banks, Dedicated Electronic Money Issuer (DEMI) and Enhanced Payment Service Providers (EPSP) are by this Notice cautioned to desist from dealing with any of these institutions”.
