The Bank of Ghana (BoG) has issued a directive blacklisting 10 unlicensed money transfer firms, as part of a broader crackdown on unregulated financial services operating in the country’s remittance sector.
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In an official statement, the central bank warned the public against engaging with these firms, noting that they are not authorised to conduct international money transfer services in Ghana. The BoG emphasized that such entities pose significant risks to financial integrity, consumer protection, and anti-money laundering compliance.
The blacklisted companies, whose names were published on the central bank’s website, are accused of operating without approval under the Foreign Exchange Act, 2006 (Act 723). The BoG has directed banks and licensed financial institutions to cease all dealings with the affected firms and report any suspicious transactions linked to their operations.
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Ghana’s remittance market plays a vital role in the national economy, with inflows exceeding $4 billion annually, mostly from the U.S., U.K., and EU countries. Regulators are therefore tightening oversight to ensure the sector remains secure, transparent, and compliant with global financial standards.
The central bank’s enforcement move is also part of ongoing efforts to strengthen Ghana’s financial sector cleanup, which began in 2019 and has seen increased regulation of fintech and money service businesses.
Consumers are urged to use only BoG-licensed Money Transfer Operators (MTOs) and check for up-to-date licensing information through the bank’s official communication channels.
