BoG blacklists 10 foreign money transfer firms over regulatory breach

The Bank of Ghana (BoG) has issued a stern warning to the public and all financial sector stakeholders to immediately halt any business dealings with ten foreign money transfer companies operating without the required regulatory approval.

In a statement released on June 27, 2025, the central bank named the unlicensed operators as Ace Money Transfer, Remit Union, Remit Home, Roze Remit, Monty Global, Nairagram, I-Transfer, Hurupay, Eversend, and Izi Send.

BoG emphasized that none of these organisations are authorised to operate in Ghana’s remittance or foreign exchange markets. As such, engaging in transactions with them is a violation of the Foreign Exchange Act, 2006 (Act 723).

“The Public, Banks, Dedicated Electronic Money Issuers (DEMIs), and Enhanced Payment Service Providers (EPSPs) are by this notice cautioned to desist from dealing with any of these institutions,” the statement stressed.

Citing Section 3.1 of Act 723, the BoG reminded stakeholders that only licensed entities are permitted to engage in foreign exchange transactions in Ghana. Additionally, Section 15.3 mandates that all international money transfers into or out of Ghana must be executed through approved dealers or licensed money transfer agents.

BoG warned that entities flouting this directive face serious consequences, including the potential loss of their operating licenses.

The central bank also urged approved money transfer operators to ensure that their foreign exchange flows are channelled exclusively through licensed partner institutions, in full compliance with existing regulations.

This move underscores BoG’s commitment to tightening oversight of the remittance space and safeguarding Ghana’s financial system from unregulated and potentially risky transactions.