Unauthorized Money Transfer Services Warned by Bank of Ghana: Hurupay and Eversend Among Ten Unsanctioned Operators
In a bid to maintain the integrity and security of Ghana's financial system, the Bank of Ghana has taken decisive action against 10 Money Transfer Organisations (MTOs) operating without official approval in the remittance and foreign exchange market.
The blacklisted entities include ACE Money Transfer, Remit Union, Remit Home, Roze Remit, Monty Global, Nairagram, I-Transfer, Hurupay, Eversend, and IZI Send. These organisations have been found to be in violation of Ghana's Foreign Exchange Act, 2006 (Act 723), which requires all entities dealing in foreign exchange to obtain a license from the Bank of Ghana.
The Bank of Ghana's move is a response to unauthorized foreign exchange activities by certain MTOs in Ghana. The regulator has intensified its oversight to ensure compliance with regulatory requirements, mandating that only authorized entities can facilitate international transfers.
The public notice, issued on June 27, 2025, states that non-compliance with the Bank of Ghana's directives can result in severe penalties, including the withdrawal of licenses for institutions in breach. The absence of proper licensing can compromise the transparency and integrity of transactions, potentially leading to illicit activities. Users of unlicensed services may face risks such as transaction failure, loss of funds, and exposure to fraud.
The Bank of Ghana is also warning of legal action against individuals or entities found operating unauthorized money transfer services. The regulator is urging approved operators to route all forex flows through licensed partners and comply with operational guidelines to ensure the smooth functioning of the remittance and foreign exchange market.
This action is part of the Bank of Ghana's ongoing efforts to regulate foreign exchange activities in Ghana and ensure the integrity of the remittance and foreign exchange market. The regulator is tightening its grip on foreign exchange activities in Ghana, aiming to ensure that only licensed entities handle cross-border transfers.
In conclusion, the blacklisting of these MTOs is a significant step towards protecting both the financial system and consumers by ensuring that all money transfer operations adhere to legal standards and regulatory oversight. It underscores the Bank of Ghana's commitment to maintaining a secure and transparent financial system in Ghana.
- The blacklisted entities, including ACE Money Transfer, Remit Union, Remit Home, Roze Remit, Monty Global, Nairagram, I-Transfer, Hurupay, Eversend, and IZI Send, have been found to be operating without a license, hence they fall under the purview of finance regulations issued by the Bank of Ghana.
- To ensure the security and integrity of Ghana's financial system, the Bank of Ghana is imposing severe penalties on non-compliant entities and urging authorized operators to follow operational guidelines in the remittance and foreign exchange market, emphasizing the importance of finance regulation in maintaining a transparent and secure financial system.
