The Bank of Ghana says it has come to its attention that there are some Money Transfer Organisations (MTOs) operating within the Remittance and the Ghana Forex Market without approval from the Bank of Ghana.
They are:
1. ACE MONEY TRANSFER
2. REMIT UNION
3. REMIT HOME
4. ROZE REMIT
5. MONTY GLOBAL
6. NAIRAGRAM
7. I-TRANSFER
8. HURUPAY
9. EVERSEND
10. IZI SEND
Section 3.1 of the Foreign Exchange Act, 2006 (Act 723) states that “a person shall not engage in the business of dealing in foreign exchange without a license issued under this Act.” Additionally, section 15.3 of the Foreign Exchange Act specifies that “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.
“A statement issued by the Bank on Friday, June 27, cautioned the public, banks, Dedicated Electronic Money Issuers (DEMI), and Enhanced Payment Service Providers (EPSP) to refrain from dealing with any unlicensed institutions. Approved Money Transfer Operators (MTOs) have been reminded to terminate their foreign exchange transactions through partner institutions only and to strictly adhere to all operational guidelines. All market participants are urged to comply with these directives, as non-compliance may result in severe sanctions, including the withdrawal of the institution’s license for any violations.
By: Laud Nartey
