Ghana's central bank told people to stop using ten money transfer companies that work without permission. The Bank of Ghana released a warning about these businesses that send money across borders illegally. Sandra Thompson signed the official notice for the bank on June 27. The companies break Ghana's financial laws because they never got proper licenses. Bank officials said these firms put customers at risk.
The ten banned companies are ACE Money Transfer, Remit Union, Remit Home, Roze Remit, Monty Global, Nairagram, I-Transfer, Hurupay, Eversend and Izi Send. Ghana's Foreign Exchange Act requires all money transfer businesses to have government approval before they can operate. The law also says people must use only licensed...