The Bank of Ghana (BoG) has warned the public to avoid interacting with unlicensed Money Transfer Organisations (MTOs).
The BoG stated in a statement that many of these MTOs operating in the remittance and Ghana Forex markets lacked its approval.
The organisations in question include “LEMFI, WISE, TRANSFER GO, XOOM-A PAYPAL SERVICE, SENDWALU, BOSS REVOLUTION, BTC-AZA FINANCE, and SUPERSONIC.”
Therefore, the Bank of Ghana (BoG) stated, “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.”
The BoG also reminded approved MTOs to terminate their foreign exchange transfers solely through their partner banks and rigorously comply with all operating requirements.
“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.
