The Bank of Ghana urges citizens to avoid using unlicensed or unapproved money transfer operators to ensure safer, legal, and secure financial transactions.
In a country where remittances from abroad are a lifeline for many families, trust in money transfer services is essential. That’s why the recent announcement by the Bank of Ghana (BoG) about unapproved Money Transfer Organizations (MTOs) should not be taken lightly.
The Bank of Ghana, Ghana’s central bank and financial regulator, is responsible for maintaining the stability of the country’s financial system. One of its key roles is to regulate the activities of institutions that deal with foreign exchange and remittances.
On June 27, 2025, the BoG issued Notice No. BG/FMD/2025/41, listing ten MTOs that are currently operating in Ghana without their approval. This means these companies are not licensed to offer money transfer or foreign exchange services in the country.
Bank of God Unapproved Money Transfer Organizations (MTOs)
What Are Unapproved MTOs?
Money Transfer Organizations are companies that help people send and receive money across borders. These services are especially important in Ghana, where many people depend on remittances from family members living abroad. However, not every company offering these services is officially approved to do so.
According to the Bank of Ghana, the following MTOs, as listed in the press release, are not authorized to operate in Ghana’s remittance and foreign exchange markets.
- ACE Money Transfer
- Remit Union
- Remit Home
- Roze Remit
- Monty Global
- Nairagram
- i-Transfer
- Hurupay
- Eversend
- IZI Send
The central bank is cautioning the public, banks, electronic money issuers, and payment service providers not to engage in any financial dealings with these organizations.
Why Is This Important?
When you send or receive money using an unapproved service, you put your funds at risk. These companies are not monitored by the BoG, which means they operate outside of Ghana’s financial laws and protections. If something goes wrong, your money goes missing, the service shuts down, or unexpected fees are incurred, you may have no recourse for help or recovering your funds.
Section 3.1 of Ghana’s Foreign Exchange Act (2006), which governs these matters, clearly states that no person or institution should deal in foreign exchange without a valid license. In other words, only companies approved by the Bank of Ghana are legally allowed to offer these services.
The law also makes it clear that all transfers of foreign exchange into or out of Ghana must go through licensed dealers. This ensures that all transactions are traceable, secure, and done in accordance with national regulations.
Risks of Using Unapproved MTOs
Using an unapproved money transfer service may seem convenient or slightly cheaper, but the risks far outweigh the benefits. Here are a few things to consider:
- No consumer protection: If an unapproved service loses your money or delays a transfer, there’s no guarantee you’ll get help or compensation.
- Unregulated exchange rates: These services might offer unfair rates or include hidden fees that eat into the amount received by your loved ones.
- Possible scams: Without proper oversight, some of these services might engage in fraud or illegal financial activities.
- Legal trouble: In extreme cases, working with such platforms could expose users or partner businesses to penalties under Ghanaian law.
What Should You Do?
The Bank of Ghana is urging everyone to be vigilant. If you’re sending or receiving money in Ghana, ensure you’re using a licensed and approved MTO. You can visit the official BoG website or contact their offices to see the updated list of approved service providers.
For those in the diaspora supporting family members back home, always double-check the platform you’re using. Look for transparent customer service, clear exchange rate policies, and visible proof of regulatory approval.
If you’re unsure about a provider, ask your local bank or financial service provider. They can often recommend trusted options that meet the BoG’s standards.
If you’ve had an experience (good or bad) with any of the listed MTOs, share your story in the comments or message me directly. Let’s keep the community informed!
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