Ghana’s Central Bank Flags 10 Unapproved Money Transfer Operators Including Hurupay and Eversend
The Bank of Ghana (BoG) has taken a decisive step to enforce regulatory compliance within the nation’s financial sector, identifying ten Money Transfer Operators (MTOs) for operating without the required licenses. This move signals a significant tightening of control over Ghana’s dynamic remittance and foreign exchange market, highlighting the regulator’s commitment to ensuring all cross-border financial flows are conducted through authorized channels. The action serves as a critical notice to the rapidly evolving African tech ecosystem that regulatory adherence is non-negotiable.
This regulatory enforcement is grounded in specific violations of Ghana’s legal framework. The central bank cited Sections 3.1 and 15.3 of the Foreign Exchange Act, 2006 (Act 723), which expressly forbid any entity from engaging in the business of dealing in foreign exchange without a license from the Bank of Ghana. The crackdown aims to safeguard the integrity of the forex market, protect consumers, and maintain stability within the national economy by curbing illegal financial activities.
Unlicensed Operators Identified in Regulatory Notice
In a public notice issued on June 27, 2025, the Bank of Ghana explicitly named the companies that are not authorized to operate in the country’s remittance or forex sectors. The list includes several digital-first platforms popular within the African tech space, such as Hurupay and Eversend, alongside other international services. The full list of flagged operators is as follows: ACE Money Transfer, Remit Union, Remit Home, Roze Remit, Monty Global, Nairagram, I-Transfer, Hurupay, Eversend, and IZI Send. The inclusion of fintech startups like Eversend underscores the regulator’s focus on the digital payments landscape.
Implications for the Fintech and Financial Sector
The central bank’s directive extends beyond the unapproved MTOs. It includes a stern warning to all licensed financial institutions, such as commercial banks, electronic money issuers (EMIs), and payment service providers (PSPs), instructing them to cease all transactions with the ten flagged companies. The BoG has warned of severe sanctions for any licensed entity found to be non-compliant. This measure effectively isolates the unapproved operators from Ghana’s formal financial system, reinforcing the importance of due diligence and partnership with legally sanctioned MTOs.
This development emphasizes the crucial balance between fostering innovation in fintech and ensuring robust regulatory oversight. For the African tech and payments industry, it is a clear reminder that market entry and operations must be preceded by securing the necessary regulatory approvals. As Ghana continues to be a key hub for digital remittances, the Bank of Ghana is ensuring that growth is built upon a foundation of security, transparency, and legal compliance. Approved operators are reminded to route all foreign exchange flows through licensed institutions as stipulated by law.
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