The public has received a warning from the Bank of Ghana (BoG) about specific Money Transfer Organizations (MTOs) that are active in the foreign exchange and remittance markets without central bank authorization.
The Bank said in a statement issued on Friday, June 27, that it had discovered multiple organizations engaging in unauthorized activity in these industries.
Consequently, banks, Enhanced Payment Service Providers (EPSPs), Dedicated Electronic Money Issuers (DEMIs), and the general public have been advised to avoid doing business with these unapproved entities.
The following is a list of unapproved money transfer organizations:
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 Foreign Exchange Act, 2006 (Act 723), Section 3.1, was cited in the statement. It reads as follows: “A person shall not engage in the business of dealing in foreign exchange without a licence issued under this Act.”
Additionally, Section 15.3 of the same Act states that “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 Bank of Ghana urged the people to only transact in foreign currencies with authorized and licensed organizations, reaffirming its dedication to protecting the integrity of Ghana’s financial system.
Below, you may read the BOG statement.
Source: newsthemegh.com