Bank of Ghana discloses 8 unapproved Money Transfer Organisations and cautions against dealing with them

The Bank of Ghana (BoG) has disclosed the names of eight (8) unapproved Money Transfer Organisations and warns the public to desist from dealing with them.

BoG publicized that there are several Money Transfer Organisations (MTOs) have entered the market and operating within the Remittance and the Ghana Forex Market without their approval.

The actions of the said Money Transfer Organisations (MTOs) are illegal and punishable by the laws.

Per the Bank of Ghana’s statement, the following MTOs are the unapproved institutions the public should desist from dealing with.

LEMFI

WISE

TRANSFER GO

XOOM-A PAYPAL SERVICE

SENDVALU

BOSS REVOLUTION

BTC-AZA FINANCE

SUPERSONICZ

Backing with what the law says in Section 3.1 of the Foreign Exchange Act, 2006 (Act 723), the central bank quoted “a person shall not engage in the business of dealing in foreign exchange without a licence issued under this Act” to support the characterisation of these organizations as unapproved.

Elaborating further, they quoted Section 15.3 of the Foreign Exchange Act 2006 (Act 723) which reads “each transfer of foreign exchange to or from Ghana shall be made through a person licensed to carry out the business of money transfers or any other authorised dealer.”

“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.

“Approved MTOs are hereby reminded to terminate their foreign exchange flows through their partner institutions only and to adhere strictly to all guidelines in respect of their operations.

Directing the public and calling for compliance, BoG’s statement it was indicated “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 licence of the institution in breach.”

SOURCE: Coverghana.com.gh