BoG Cautions Public Against Dealing With Unlicensed Money Transfer Companies

The Bank of Ghana (BoG) has cautioned the public against engaging in  any business transactions with ten  money transfer organisations operating in the remittance and foreign exchange market as they are doing so without regulatory approval of the Bank of Ghana.

The statement warns that non-compliance with the directive will result in severe sanctions, including the withdrawal of the license of the institution in breach. “Approved money transfer organisations are reminded to terminate their foreign exchange flows through their partner institutions only and to adhere strictly to all the guidelines in respect of their operations”.

The statement further explains that Section 3.1 of the Foreign Exchange Act, 2006 Act 723 states that, “A person shall not engage in the business of dealing in foreign exchange without a license issued under this Act”.

The central warned that any institution that fails to comply with the directive risks having their licenses revoked.

The said unlicensed money transfer companies include

•Ace Money Transfer
•Remit Union
•Roze Remit
•Monty Global
•Remit Home
•Nairagram
•I-Transfer
•Hurupay
•Eversend
•Izi Send

Source:channel247online.com