Bank of Ghana Cautions Public to Avoid Transactions with Unlicensed Money Transfer Operators.

Bank of Ghana Issues Warning to Public on Unlicensed Money Transfer Operators.

The Bank of Ghana (BoG) has issued a public advisory warning the general public and financial sector stakeholders about several Money Transfer Operators (MTOs) conducting business in the country without proper authorisation.

In a statement dated June 27, 2025, the Bank highlighted that these entities are operating outside the legal framework governing foreign exchange and remittance services in Ghana. The BoG has urged individuals, commercial banks, Dedicated Electronic Money Issuers (DEMIs), and Enhanced Payment Service Providers (EPSPs) to refrain from engaging in transactions with the unlicensed firms.

List of Unauthorised Money Transfer Operators.

•Goal Rush - Compu Ghana

•ACE Money Transfer

•Remit Union

•Remit Home

•Roze Remit

•Monty Global

•Nairagram

•i-Transfer

•Hurupay

•Eversend

•Izi Send

The advisory refers to the Foreign Exchange Act, 2006 (Act 723), which clearly states:

Section 3.1 prohibits any person or organisation from dealing in foreign exchange without a valid licence issued under the Act.

Section 15.3 mandates that all foreign exchange transfers to and from Ghana must be conducted only through licensed and authorised institutions.

The Bank of Ghana reaffirmed its commitment to protecting the integrity of Ghana’s financial system and cautioned the public about the risks associated with using unlicensed MTOs, including potential fraud, financial loss, and legal consequences.

The BoG encourages the public to always verify the licensing status of any money transfer service before engaging in transactions and to deal exclusively with authorised operators.

For further details, the public is advised to consult the official Bank of Ghana website or contact relevant authorities.



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