See 10 Unapproved Money Transfer Organisations in Ghana

The Bank of Ghana has published a list of 10 unapproved Money Transfer Organisations (MTOs) operating within the country.

These organisations are into remittance and forex trading.

Their activities, it said, violate Section 3.1 and Section 15.3 of the Foreign Exchange Act, 2006 Act 723

The Central Bank therefore cautioned the public, banks, Dedicated Electronic Money Issuers (DEMI) and Enhanced Payment Service Providers (EPSP) to desist from dealing with these institutions.

Additionally, approved MTOs were reminded to terminate their foreign exchange flows through their partner institutions only and to adhere strictly to all the guidelines with respect to their operations.

“Non-compliance will result in severe sanctions including the withdrawal of the licence of the institution in breach.”

The flagged MTOs are :
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

Source: https://opemsuo.com/author/hajara-fuseini/