Governor of Financial institution of Ghana, Dr. Johnson Asiama
The Financial institution of Ghana (BoG) has cautioned the general public, banks, devoted digital cash issuers, and enhanced fee service suppliers (EPSPs) to not transact any enterprise with ten cash switch organisations working within the remittance and overseas change market with out regulatory approval.
The businesses are Ace Cash Switch, Remit Union, Remit Residence, Roze Remit, Monty International, Nairagram, I-Switch, Hurupay, Eversend and Izi Ship.
“By this discover, all market gamers are reminded of the above directives and advised to conform accordingly”, an announcement launched by the BoG on June 27, 2025, mentioned.
The assertion warned that non-compliance with the directive will lead to extreme sanctions, together with the withdrawal of the license of the establishment in breach.
“Authorised cash switch organisations are reminded to terminate their overseas change flows via their companion establishments solely and to stick strictly to all the rules in respect of their operations”.
The assertion defined that Part 3.1 of the Overseas Change Act, 2006 Act 723 states that, “an individual shall not interact within the enterprise of dealing in overseas change with no licence issued below this Act”.
It added that part 15.3 of the overseas change act states, “every switch of overseas change to or from Ghana shall be made via an individual licensed to hold out the enterprise of cash transfers or another authorised seller.”
“The Public, Banks, Devoted Digital Cash Issuer (DEMI) and Enhanced Fee Service Suppliers (EPSP) are by this Discover cautioned to desist from coping with any of those establishments”.
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