BoG blacklists 10 money transfer companies - What you need to know
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The Bank of Ghana (BoG) has blacklisted ten (10) Money Transfer Organisations (MTOs) operating within Ghana’s remittance and foreign exchange market for failing to obtain the necessary approval from the central bank.
In a statement dated 27th June and signed by Secretary Sandra Thompson, the BoG stated that the activities of these MTOs constitute a violation of Section 3.1 and Section 15.3 of the Foreign Exchange Act, 2006 (Act 723).
Section 3.1 of the Act states:
A person shall not engage in the business of dealing in foreign exchange without a licence issued under this Act.
Section 15.3 further 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 blacklisted companies are as follows:
ACE Money Transfer
Remit Union
Remit Home
Roze Remit
Monty Global
Nairagram
i-Transfer
Hurupay
Eversend
Izi Send
The Central Bank has cautioned the general public, banks, Dedicated Electronic Money Issuers (DEMI), and Enhanced Payment Service Providers (EPSPs) to refrain from engaging with any of these institutions.
The statement added:
Approved MTOs are reminded to terminate their foreign exchange flows through their partner institutions only and to adhere strictly to all operational guidelines.
The BoG further warned all players in the foreign exchange and remittance markets to comply with these directives or risk severe sanctions, including the withdrawal of their operational licences.
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