BoG cautions public against 10 illegal money transfer platforms

By Praisebell Rosemond Larbi

The Bank of Ghana (BoG) has warned banks, electronic money issuers, and the public not to engage with ten unlicensed money transfer firms breaching Ghana’s foreign exchange laws.

In a statement dated June 27, 2025, the apex bank emphasized that the listed firms are not licensed under Ghana’s regulatory framework and are operating in breach of the Foreign Exchange Act, 2006 (Act 723).

The unlicensed entities flagged are:

Ace Money Transfer

Remit Union

Remit Home

Roze Remit

Monty Global

Nairagram

I-Transfer

Hurupay

Eversend

Izi Send

“The public, banks, Dedicated Electronic Money Issuers (DEMIs), and Enhanced Payment Service Providers (EPSPs) are hereby cautioned to desist from dealing with any of these institutions,” the central bank stated.

According to the BoG, engaging with unapproved money transfer platforms undermines financial sector integrity and puts consumers at risk of fraud, loss of funds, and exposure to money laundering activities.

The BoG cited Section 3.1 of the Foreign Exchange Act, 2006 (Act 723), which explicitly states:
“A person shall not engage in the business of dealing in foreign exchange without a license issued under this Act.”

Additionally, Section 15.3 of the same Act affirms:
“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 authorized dealer.”

The BoG warned that failure to comply with this directive would attract severe sanctions, including license withdrawal for institutions found in breach.

“Approved money transfer organizations are reminded to terminate their foreign exchange flows through their partner institutions only and to adhere strictly to all guidelines regarding their operations,” the statement noted.

Members of the public are encouraged to verify the licensing status of any money transfer or forex-related platform on the Bank of Ghana’s official website or by contacting its Financial Stability Department.