Central Bank Blacklists 10 Illegal Money Transfer Firms
The Bank of Ghana (BoG) issued a warning on June 27, 2025, listing 10 unapproved Money Transfer Organisations (MTOs) operating illegally in the remittance and forex markets.
The BoG stated these MTOs violate the Foreign Exchange Act, 2006 (Act 723), which requires a license for forex dealings. Section 15.3 mandates that all transfers to or from Ghana go through licensed operators. The central bank cautioned the public, banks, and payment providers to avoid these firms to prevent fraud and financial loss.
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
The warning follows a 2023 alert on eight other unapproved MTOs and a June 10 notice against YellowPay and HanyPay. The BoG emphasized that unlicensed operators risk severe sanctions, including license withdrawal for complicit institutions. A list of approved MTOs is available on the BoG’s website for safe transactions.
This move is part of the BoG’s efforts to clean up Ghana’s $4.7 billion remittance market and protect consumers from scams. With digital payments growing, the central bank is working with the Cyber Security Authority and Interpol to curb cyber fraud, which hit 21,000 cases in Ghana’s financial sector in 2022.
The BoG urged Ghanaians to verify MTO licensing before transacting, warning of risks like data misuse and fund loss. The public is encouraged to report suspicious operators to the BoG’s FinTech and Innovation Office to maintain financial system integrity.