Avoid These Money Transfer Firms – Bank of Ghana Releases Cautionary List
By Beatrice Laryea | Business News | June 27, 2025, 13:43
The Bank of Ghana (BoG) has issued a public warning regarding certain Money Transfer Organisations (MTOs) operating in Ghana’s remittance and foreign exchange markets without authorisation.
In a statement released on Friday, June 27, the central bank identified several entities conducting unauthorised activities in these sectors. The BoG has cautioned the public, banks, Dedicated Electronic Money Issuers (DEMIs), and Enhanced Payment Service Providers (EPSPs) to avoid transactions with these unapproved firms.
List of Unauthorised Money Transfer Organisations
The following MTOs are not licensed by the Bank of Ghana:
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Goal Rush - Compu Ghana
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ACE Money Transfer
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Remit Union
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Remit Home
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Roze Remit
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Monty Global
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Nairagram
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i-Transfer
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Hurupay
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Eversend
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Izi Send
Legal Basis for the Warning
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The BoG referenced the Foreign Exchange Act, 2006 (Act 723), stating:
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Section 3.1: “A person shall not engage in the business of dealing in foreign exchange without a licence issued under this Act.”
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Section 15.3: “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.”
Public Advisory
The Bank of Ghana reaffirmed its commitment to protecting Ghana’s financial system and urged the public to only conduct foreign exchange transactions with licensed institutions.
For more details, read the full BoG statement below:
[Insert Link or PDF of BoG Statement Here]
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Using unlicensed MTOs can expose you to fraud, financial loss, or legal issues.
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Always verify a money transfer service’s BoG approval before transacting.
Stay informed and share this warning to protect others!
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