The Bank of Ghana (BoG) has cautioned the public about the risks associated with dealing with unauthorized Money Transfer Organizations (MTOs) within the country.
In an official statement released on Thursday, November 16, the central bank emphasized that numerous MTOs operating in the remittance and Ghana Forex Market did not possess approval from the Bank of Ghana.
The unapproved entities listed in the statement comprise “LEMFI, WISE, TRANSFER GO, XOOM-A PAYPAL SERVICE, SENDWALU, BOSS REVOLUTION, BTC-AZA FINANCE, and SUPERSONIC.”
The Bank of Ghana has explicitly cautioned the general public, banks, Dedicated Electronic Money Issuers (DEMI), and Enhanced Payment Service Providers (EPSP) against engaging in any transactions with the specified institutions.
Additionally, the central bank has reiterated its directive to approved Money Transfer Organizations (MTOs), urging them to exclusively route their foreign exchange flows through their authorized partner institutions while strictly adhering to all operational guidelines.
The statement emphasized, “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.”
This advisory notice is issued as a precautionary measure to enforce adherence within the financial sector and safeguard the public from potential risks linked to unapproved money transfer entities.
