The Bank of Ghana (BoG) has cautioned the public, banks, dedicated electronic money issuers, and enhanced payment service providers (EPSPs) not to transact any business with ten money transfer organisations operating in the remittance and foreign exchange market without regulatory approval.

The companies are Ace Money Transfer, Remit Union, Remit Home, Roze Remit, Monty Global, Nairagram, I-Transfer, Hurupay, Eversend and Izi Send.

“By this notice, all market players are reminded of the above directives and entreated to comply accordingly”, a statement released by the BoG on June 27, 2025, said.

The statement warned that non-compliance with the directive will result in severe sanctions, including the withdrawal of the license of the institution in breach.

“Approved money transfer organisations 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”.

The statement explained that 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”.

It added that  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.”

"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".