The Bank of Ghana (BoG) has issued a strong caution to the public and financial institutions to steer clear of ten unlicensed money transfer companies operating within the remittance and foreign exchange space. In a notice dated June 27, 2025, the central bank warned that these entities-Ace Money Transfer, Remit Union, Remit Home, Roze Remit, Monty Global, Nairagram, I-Transfer, Hurupay, Eversend, and Izi Send-are not licensed to operate in Ghana and must not be engaged in any transaction."The Public, Banks, Dedicated Electronic Money Issuers (DEMIs) and Enhanced Payment Service Providers (EPSPs) are by this Notice cautioned to desist from dealing with any of these institutions," the BoG stated.
The regulator emphasized that working with any of the listed organizations violates the Foreign Exchange Act, 2006 (Act 723).
It cited Section 3.1 of the law, which clearly states: "A person shall not engage in the business of dealing in foreign exchange without a licence issued under this Act." It further referenced Section 15.3 of the Act: "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." Read Also: Bank of Ghana Completes Staff Review Exercise Following Probation PeriodBoG urged all industry players to take note of the directive and adhere strictly to regulatory requirements. "By this notice, all market players are reminded of the above directives and entreated to comply accordingly," the statement said.
The central bank also issued a stern warning that institutions that flout the directive risk facing serious penalties. "Non-compliance with the directive will result in severe sanctions, including the withdrawal of the license of the institution in breach." Additionally, licensed money transfer operators have been reminded to route their forex transactions only through their approved partner institutions and ensure they fully comply with the operational guidelines in place.
