Bank of Ghana Warns Against 10 Unlicensed Money Transfer Companies

Jun 27, 2025 - 14:16

Accra, Ghana - 27 June, 2025 - The Bank of Ghana has issued a warning to the public and financial institutions to avoid transacting with ten unlicensed money transfer organizations operating in the country's remittance and foreign exchange market.

The affected companies include Ace Money Transfer, Remit Union, Remit Home, Roze Remit, Monty Global, Nairagram, I-Transfer, Hurupay, Eversend, and Izi Send.

According to the central bank, these firms are operating without regulatory approval, which is a contravention of the Foreign Exchange Act, 2006 (Act 723).

The Bank of Ghana, in a statement released on Friday June 27, reminded market players that dealing with unlicensed money transfer organizations will attract severe sanctions, including the withdrawal of licenses. The central bank has also urged approved money transfer organizations to strictly adhere to guidelines and terminate foreign exchange flows through authorized partner institutions only.

“By this notice, all market players are reminded of the above directives and entreated to comply accordingly”, portions of the statement read.

“Approved money transfer organisations 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”.

This move is aimed at maintaining the integrity of Ghana's financial system and protecting consumers from potential risks associated with unlicensed financial transactions. The Bank of Ghana's warning highlights the importance of regulatory compliance in the country's rapidly evolving financial landscape.

The central bank's directive is backed by sections 3.1 and 15.3 of the Foreign Exchange Act, which stipulate that foreign exchange dealings require a license and that foreign exchange transfers should be made through authorized dealers.

Read the statement from the Bank of Ghana below;