Ghana’s central bank has issued a stern warning to financial institutions and the public, cautioning against dealings with 10 unauthorized money transfer firms operating in the country’s remittance and foreign exchange market.

In a statement released Friday, the Bank of Ghana said the named firms — Ace Money Transfer, Remit Union, Remit Home, Roze Remit, Monty Global, Nairagram, I-Transfer, Hurupay, Eversend, and Izi Send — are conducting foreign exchange and remittance activities without regulatory approval.

The regulator directed banks, dedicated electronic money issuers (DEMIs), and enhanced payment service providers (EPSPs) to immediately cease any transactions with the entities. Non-compliance, the Bank warned, will trigger “severe sanctions,” including potential license revocation.

The warning is anchored in the Foreign Exchange Act, 2006 (Act 723), which prohibits individuals and entities from dealing in foreign exchange without a valid license. Specifically, Section 3.1 forbids such activity outright, while Section 15.3 mandates that all cross-border transfers be executed through authorized dealers.

“Approved money transfer organizations are reminded to route all foreign exchange flows through their licensed partner institutions,” the statement said, emphasizing adherence to regulatory guidelines.

The move comes as Ghana seeks to tighten oversight in a remittance sector that plays a critical role in foreign currency inflows. The BoG’s action underscores its intent to clamp down on unregulated financial activity that could pose risks to financial stability, compliance, and consumer protection.

Financial institutions and the broader public have been urged to remain vigilant and to ensure all remittance services are sourced through officially recognized channels.

Source:TheDotNews