By Kenneth Appiah Bani.
The Bank of Ghana (BoG) has issued a stern warning to the public, cautioning individuals and businesses against transacting with ten unlicensed money transfer organisations operating illegally in the country.
In an official notice released on Friday, June 27, the central bank stated that these entities have not been authorised to operate within Ghana’s remittance and foreign exchange markets. As such, any dealings with them pose serious financial risks.
“If you value your money, don’t do business with these firms,” the BoG stressed.
The Bank specifically urged the general public, banks, Dedicated Electronic Money Issuers (DEMI), and Enhanced Payment Service Providers (EPSP) to steer clear of the following companies:
- ACE Money Transfer
- Remit Union
- Remit Home
- Roze Remit
- Monty Global
- Nairagram
- I-Transfer
- Hurupay
- Eversend
- Izi Send
According to the BoG, only institutions that have been duly approved by the central bank are permitted to operate in Ghana’s financial ecosystem. Engaging with unauthorised firms not only threatens personal finances but also undermines the integrity and security of the national financial system.
The Bank urged all stakeholders to exercise due diligence and verify the licensing status of financial institutions before conducting transactions.
This latest move forms part of the BoG’s ongoing efforts to sanitize Ghana’s financial sector, protect consumers, and ensure that only legitimate entities offer financial services to the public.
For a full list of approved remittance and forex institutions, the Bank advises the public to visit its official website or contact their offices directly.
