The Bank of Ghana (BoG) has taken decisive action against unlicensed money transfer operators (MTOs) undermining the country’s financial regulations by publicly blacklisting ten firms operating without the necessary regulatory approval.

In a statement published on June 27 and reported by The High Street Journal, the BoG identified these companies as conducting foreign exchange and remittance services in violation of Ghanaian law.

The central bank stressed that these entities lack authorization to operate within Ghana’s financial framework, citing Section 3.1 of the relevant Act: “A person shall not engage in the business of dealing in foreign exchange without a licence issued under this Act.”

It further warned that all foreign exchange transactions involving Ghana must be processed exclusively through licensed operators.

The bank highlighted the risks unlicensed MTOs pose, including legal breaches, erosion of public trust, and heightened exposure to fraud, data misuse, and financial losses.

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The blacklisted firms are ACE Money Transfer, Remit Union, Remit Home, Roze Remit, Monty Global, Nairagram, i-Transfer, Hurupay, Eversend, and Izi Send.

The BoG’s directive explicitly targets local banks, Dedicated Electronic Money Issuers (DEMIs), and Enhanced Payment Service Providers (EPSPs), instructing them to sever all ties and avoid any form of interaction with these unlicensed operators.

Licensed money transfer providers were also reminded to ensure all foreign exchange flows go through approved partners and to comply strictly with operational standards or face severe penalties.

“Non-compliance will result in severe sanctions, including the withdrawal of the licence of the institution in breach,” the Bank warned.

To support the public in making safe choices, the BoG has made available a comprehensive list of authorized money transfer operators on its official website and urged Ghanaians to verify the licensing status of any MTO before conducting transactions.

These measures are part of the Bank of Ghana’s broader initiative to sanitize the country’s remittance and foreign exchange markets, especially as digital payments and cross-border transfers continue to grow in popularity.

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