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 companies when they send money to other countries. Banks and payment providers cannot work with these unlicensed firms anymore. The central bank wants to protect people from unsafe money transfers.
Bank officials warned that licensed money transfer companies must follow all rules or face punishment. The government can take away business licenses from companies that break the law. Ghana's central bank works to keep the money transfer system safe and honest. The warning helps protect people who send money to family members in other countries. Bank leaders want only trustworthy companies handling international money transfers.
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 companies when they send money to other countries. Banks and payment providers cannot work with these unlicensed firms anymore. The central bank wants to protect people from unsafe money transfers.
Bank officials warned that licensed money transfer companies must follow all rules or face punishment. The government can take away business licenses from companies that break the law. Ghana's central bank works to keep the money transfer system safe and honest. The warning helps protect people who send money to family members in other countries. Bank leaders want only trustworthy companies handling international money transfers.
