The Bank of Ghana (BoG) has issued a strong directive cautioning all market participants to desist from transacting with unlicensed Money Transfer Organisations (MTOs) operating within the remittance and forex markets in Ghana.
In a statement signed by the Bank’s Secretary, Sandra Thompson, the BoG emphasized that failure to comply with this directive will attract severe sanctions, including the revocation of operating licences of institutions found in breach.
Entities cautioned under this notice include: the general public,Banks,Dedicated Electronic Money Issuers (DEMIs),Enhanced Payment Service Providers (EPSPs)
These entities are urged to cease any dealings with unapproved MTOs immediately.
The BoG further reminded all approved MTOs to route their foreign exchange transactions strictly through their designated partner institutions and to adhere to all regulatory guidelines governing their operations.
The following MTOs have been identified as operating without the required approval from the Bank of Ghana:Ace Money Transfer,Remit Union,Remit Home,Roze Remit,Monty Global,Nairagram,I-Transfer,Hurupay.
Others are Eversend and Izi Send.
Legal Backing
This directive is in accordance with:
Section 3.1 of the Foreign Exchange Act, 2006 (Act 723), which states:
“A person shall not engage in the business of dealing in foreign exchange without a licence issued under this Act.”
Section 15.3 of the same Act, which stipulates:
“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 authorised dealer.”
The Bank of Ghana reiterated its commitment to safeguarding the integrity of the forex and remittance markets and urged all stakeholders to comply strictly with the regulatory framework.
