Ghana’s Central Bank Prohibits Ten Unauthorized Money Transfer Operators from Forex Activities
Ghana’s monetary authority has officially banned ten money transfer organizations from conducting remittance and foreign currency exchange operations within the country’s financial system due to their failure to obtain proper regulatory authorization.
This enforcement action represents the central bank’s intensified efforts to strengthen oversight of currency exchange activities, ensuring exclusively licensed entities manage international financial transfers while threatening substantial penalties for regulatory violations.
In an official announcement issued on June 27, 2025, the monetary authority identified the following organizations as unauthorized to conduct remittance or foreign exchange business within Ghana’s jurisdiction:
ACE Money Transfer, Remit Union, Remit Home, Roze Remit, Monty Global, Nairagram, I-Transfer, Hurupay, Eversend, and IZI Send have all been deemed non-compliant operators.
The regulatory body referenced breaches of Sections 3.1 and 15.3 within the Foreign Exchange Act, 2006 (Act 723), which explicitly forbid unauthorized foreign currency transactions and operations.
The central bank’s directive extends beyond the blacklisted companies, specifically cautioning legitimate financial institutions, digital currency issuers, and payment processing providers against conducting business with these prohibited organizations. Authorized operators received instructions to channel all foreign exchange activities through properly licensed partnerships while maintaining strict adherence to established operational protocols.
The monetary authority emphasized that non-compliance with these directives could result in significant consequences, including potential license revocation for institutions discovered violating the prohibition against working with unauthorized money transfer operators.
This regulatory crackdown reflects Ghana’s broader commitment to maintaining financial system integrity and ensuring all cross-border money movement activities operate within established legal frameworks. The central bank’s actions demonstrate its determination to eliminate unauthorized participants from the country’s remittance ecosystem while protecting consumers and maintaining monetary stability.
Financial sector stakeholders have been advised to verify the licensing status of potential partners before engaging in any collaborative arrangements, particularly those involving foreign exchange or remittance services. The regulatory authority continues monitoring the sector for compliance with these new restrictions while preparing additional enforcement measures for persistent violators.
