The Bank of Ghana has blacklisted 10 Money Transfer Organisations (MTOs) for operating within the remittance and forex market without official approval.
Why it matters
The regulator is tightening its grip on foreign exchange activities to ensure only licensed entities handle cross-border transfers, warning of severe sanctions for non-compliance.
The details
According to a public notice dated June 27, 2025, the following companies are not authorized to operate in Ghana’s remittance or forex space:
- ACE Money Transfer
- Remit Union
- Remit Home
- Roze Remit
- Monty Global
- Nairagram
- I-Transfer
- Hurupay
- Eversend
- IZI Send
The Bank cited violations of Sections 3.1 and 15.3 of the Foreign Exchange Act, 2006 (Act 723), which prohibit unauthorized dealings in foreign exchange.
Zoom out
Financial institutions, electronic money issuers, and payment service providers have been cautioned against transacting with the listed MTOs. Approved operators have been urged to route all forex flows through licensed partners and comply with operational guidelines.
What’s next
The Bank of Ghana warns that failure to comply could lead to penalties, including license withdrawal for institutions found in breach.
