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10 MTOs operating in remittance and forex market you should avoid
10 MTOs operating in remittance and forex market you should avoid
By: Nii Ammui Fio | 2 mins read
The Bank of Ghana (BoG) has issued a strong warning to the public against engaging with ten money transfer organizations (MTOs) currently operating without approval in Ghana’s remittance and foreign exchange (forex) market.
The unlicensed entities include ACE Money Transfer, Remit Union, Remit Home, Roze Remit, Monty Global, Nairagram, I-Transfer, Hurupay, Eversend, and Izi Send.
In an official notice, the BoG cautioned members of the public, banks, Dedicated Electronic Money Issuers (DEMIs), and Enhanced Payment Service Providers (EPSPs) to refrain from conducting any business with these organizations.
The central bank also reminded licensed MTOs to route their foreign exchange flows strictly through approved partner institutions and adhere to all relevant regulatory guidelines.
Citing the Foreign Exchange Act, 2006 (Act 723), the BoG emphasized the legal requirements governing foreign exchange operations in Ghana.Section 3.1 of the Act makes it clear: “a person shall not engage in the business of dealing in foreign exchange without a licence issued under this Act.”Further, Section 15.3 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 BoG warned all players in the financial ecosystem to comply fully with these regulations. “Non-compliance will result in severe sanctions, including the withdrawal of the licence of the institution in breach,” it cautioned.
This is not the first time the central bank has flagged unauthorized operators. Earlier in June, the BoG raised concerns about Yellow Card Financial Inc., a digital payment platform engaging in unlicensed activities in Ghana.
According to a June 11 statement from the Bank, Yellow Card has been promoting services such as digital payments, cryptocurrency trading, and cross-border remittances—functions that require proper authorization.
The platform reportedly facilitates payments, electronic money transfers, and stablecoin transactions across borders, as well as conversions into local currency—none of which it is licensed to provide in Ghana.
The Bank of Ghana also highlighted Yellow Card’s collaboration with HanyPay, a company claiming affiliation with the Africa Diaspora Central Bank (ADCB). This partnership reportedly aims to integrate a new stablecoin, AKL Lumi, into the global financial system.
However, the BoG has raised red flags over this venture, stating that HanyPay is “neither licensed nor authorized to operate within the jurisdiction of Ghana,” and the development presents “significant regulatory concerns.”
