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The Bank of Ghana (BoG) has issued a public warning against ten Money Transfer Organisations (MTOs) found operating within the remittance and foreign exchange market without the required regulatory approval.
In a statement released on Friday, June 27, the central bank cautioned financial institutions, electronic money issuers, and the general public to avoid transacting with the following unapproved MTOs:
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
The BoG cited Sections 3.1 and 15.3 of the Foreign Exchange Act, 2006 (Act 723), which mandate that all foreign exchange dealings and transfers to or from Ghana must be conducted through licensed and authorised institutions.
“Approved MTOs 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 statement emphasized.
The central bank further warned that any institution found in breach of these directives risks facing severe sanctions, including the possible withdrawal of their operating licences.
This move forms part of the Bank’s ongoing efforts to safeguard Ghana’s financial system and ensure compliance with regulatory standards.
