BoG Warns Against Transactions with 10 Unapproved Money Transfer Companies

General News
27. Jun 2025
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BoG Warns Against Transactions with 10 Unapproved Money Transfer Companies

The Bank of Ghana (BoG) has issued a strong warning to the public, commercial banks, electronic money issuers, and enhanced payment service providers (EPSPs) to refrain from engaging in any transactions with ten unlicensed money transfer companies operating in the remittance and foreign exchange markets.

The companies in question are: Ace Money Transfer, Remit Union, Remit Home, Roze Remit, Monty Global, Nairagram, I-Transfer, Hurupay, Eversend, and Izi Send.

In a statement released on June 27, 2025, the BoG emphasized:

“All market participants are reminded to take note of this directive and comply fully.”

The central bank further cautioned that failure to adhere to the directive will attract strict penalties, including the possible revocation of licenses of institutions found to be in violation.

BoG also reminded all approved money transfer operators to route their foreign exchange flows solely through their designated partner institutions and to strictly follow the regulatory guidelines governing their operations.

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