Bank of Ghana Exposes 10 Illegal Money Transfer Operators, Including Hurupay and Eversend

Bank of Ghana Exposes 10 Illegal Money Transfer Operators, Including Hurupay and Eversend

The Ghanaian apex bank, Bank of Ghana (BOG), has listed 10 unapproved Money Transfer Organisations (MTOs) operating illegally within the country's international transfer/remittance and forex market. The apex bank stated that any institution or individual that wants to operate business dealing with foreign exchange must obtain an operating licence under the section 3.1 and section 15.3 of the Foreign Exchange Act, 2006 Act 723. The sections stated: Section 3.1: No individual or entity may conduct foreign exchange transactions without obtaining a license as stipulated by this Act. Section 15.3: All foreign exchange transfers, whether into or out of Ghana, must be processed through a licensed money transfer operator or another authorized dealer. The bank is intensifying oversight of foreign exchange operations in Ghana to ensure only legal and approved MTOs operate in the country. The bank has mandated that only authorized entities can facilitate international transfers and also threatene…