Accra, Ghana//-The Bank of Ghana (BoG) today cautioned the Public, Banks, Dedicated Electronic Money Issuers (DEMI) and Enhanced Payment Service Providers (EPSP) to desist from dealing with any of the 10 unapproved Money Transfer Organisations (MTOs) operating in the remittance and the Ghana forex market.
These unapproved MTOs, which are operating in the country without approval from the Bank of Ghana, are listed below:
- ACE MONEY TRANSFER
- REMIT UNION
- REMIT HOME
- ROZE REMIT
- MONTY GLOBAL
- NAIRAGRAM
- I-TRANSFER
- HURUPAY
- EVERSEND
- 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 licence issued under this Act”, according to a notice issued and signed by the Secretary of BoG, Sandra Thompson.
Further, section 15.3 of the Foreign Exchange Act states, “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.”
It also stated: “Approved MTOs are reminded to terminate their foreign exchange flows through their partner institutions only and to adhere strictly to all the guidelines in respect of their operations.
By this Notice, all market players are reminded of the above directives and entreated to comply accordingly. Non-compliance will result in severe sanctions, including the withdrawal of the licence of the institution in breach”.
