Bank of Ghana publishes list of 10 unapproved money transfer organizations; warns public
Williams
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 licence issued under this Act”.
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.”
A statement issued by the Bank on Friday, June 27, said that the Public, Banks, Dedicated Electronic Money Issuer (DEMI) and Enhanced Payment Service Providers (EPSP) are by this Notice cautioned to desist from dealing with any of these institutions.
