Ghana's national bank blacklists 10 unlicensed money transfer firms

As part of efforts to safeguard Ghana’s financial system, the Bank of Ghana (BoG) has issued a stern warning to Ghanaians and financial service providers to steer clear of specific Money Transfer Organisations (MTOs) operating without the required regulatory approval from the Apex bank.

• The Bank of Ghana (BoG) has warned against engaging with unlicensed Money Transfer Organizations (MTOs).
• Ten firms were identified for allegedly violating Ghanaian financial laws by operating without necessary approvals.
• Financial providers are instructed to avoid collaboration with these entities or face significant penalties.

In a statement released on its website on June 27, and cited by The High Street Journal, the Bank identified ten unlicensed money transfer firms allegedly conducting foreign exchange and remittance activities in violation of Ghanaian financial laws

The BoG emphasized that these entities are neither licensed nor authorised to operate within the country's financial ecosystem.

“A person shall not engage in the business of dealing in foreign exchange without a licence issued under this Act,” the Bank quoted from Section 3.1 of the Act.

It further emphasized that all foreign exchange transfers to or from Ghana must be done through licensed operators, stressing that unapproved MTOs not only break the law but also undermine public trust and also expose users to the risk of fraud, data misuse, or loss of funds.

The unlicensed organizations named 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

The Bank of Ghana’s directive was particularly accorded to local banks, Dedicated Electronic Money Issuers (DEMIs), and Enhanced Payment Service Providers (EPSPs), instructing them to avoid all forms of engagement with these blacklisted entities.

Licensed MTOs were also reminded to channel all forex flows through approved partners and adhere to operational standards or face penalties.

“Non-compliance will result in severe sanctions, including the withdrawal of the licence of the institution in breach,” the Bank warned.

To help the public make informed decisions, the BoG has provided a complete list of authorised money transfer providers on its official website. The central bank further urged Ghanaians to verify the licensing status of any MTO before initiating transactions.

According to the BoG, these regulatory provisions are in place to maintain the integrity, transparency, and security of the country's financial system.

This announcement forms part of the BoG’s ongoing efforts to sanitise Ghana’s remittance and forex market, particularly as digital payments and cross-border money transfers gain popularity.

Olamilekan Okebiorun

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