The Bank of Ghana (BoG) has warned the public to avoid engaging with unlicensed Money Transfer Organizations (MTOs).
In a statement, the BoG said that some of these MTOs that were active in the Ghana Forex and remittance markets did not have its clearance.
“LEMFI, WISE, TRANSFER GO, XOOM-A PAYPAL SERVICE, SENDWALU, BOSS REVOLUTION, BTC-AZA FINANCE, and SUPERSONIC” are among the organizations under concern.
Thus, the Bank of Ghana (BoG) declared that “the Public, Banks, Dedicated Electronic Money Issuers (DEMI), and Enhanced Payment Service Providers (EPSP) are, by this Notice, cautioned to desist from dealing with any of the institutions named above.”
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The BoG also urged authorized MTOs to strictly adhere to all operational standards and to stop transferring foreign currency except through their partner banks.
“By this Notice, all market players are reminded of the directives above and entreated to comply accordingly.”
“Non-compliance will result in severe sanctions, including the withdrawal of the license of the institution in breach,” it stated.
