By: Ashiadey Dotse
The Bank of Ghana (BoG) has issued a strong warning to the public and financial institutions about ten money transfer companies that are operating illegally in the country.
In a notice released on June 27, 2025, the Bank said these companies are working in the remittance and foreign exchange markets without its approval. The companies listed are:
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
According to the Bank, this action goes against the Foreign Exchange Act of 2006, which states that no one should operate in the foreign exchange business without a license. It also adds that all foreign exchange transfers to or from Ghana must go through licensed dealers only.
The Bank of Ghana has warned the public, banks, electronic money issuers, and payment service providers not to do business with any of the listed companies.
The statement also reminded all approved money transfer operators (MTOs) to channel their foreign exchange transactions only through their licensed partners and to strictly follow all rules.
The Bank warned that anyone who fails to follow these instructions will face serious penalties, including losing their license.
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