Bank of Ghana Warns Public About 10 Unlicensed Money Transfer Companies

The Bank of Ghana (BoG) has warned the public about 10 money transfer companies that are working without permission.

In a statement released on Friday, 27 June, the Bank said it has found that these companies are doing business in the money transfer and foreign exchange markets without approval.

The Bank has asked the public, banks, and mobile money service providers not to do any business with these unlicensed companies.

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Here are the 10 unapproved companies:

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 Bank referred to a law (Foreign Exchange Act, 2006 – Act 723), which says that no one should deal in foreign exchange or send money from or to Ghana unless they are licensed to do so.

The Bank of Ghana reminded everyone to only use approved and licensed companies when sending or receiving money to protect the country’s financial system.