BoG alerts Ghanaians about eight unauthorised money transfer companies

 The Bank of Ghana (BoG) has warned the public not to interact with unapproved Money Transfer Organisations (MTOs) in the country.

Dr-Addison

In an official statement issued on Thursday, November 16, the central bank stated that a number of MTOs operating in remittance and Ghana Forex Markets were not authorised by the Bank of Ghana.

"Lemfi, Wise, Transfer Go, Xoom-A Paypal Service, Sendwalu, Boss Revolution, BTC-Aza Finance, and Supersonic" are among the unauthorised organisations named in the document.

The Bank of Ghana expressly warned the public, banks, Enhanced Payment Service Providers (EPSP), and Dedicated Electronic Money Issuers (DEMI) not to trade with the aforementioned businesses.

The Bank of Ghana clearly cautioned the general public, banks, Dedicated Electronic Money Issuers (DEMI), and Enhanced Payment Service Providers (EPSP) not to trade with the aforementioned institutions.

Furthermore, the Bank of Ghana urged approved MTOs to channel all foreign exchange flows through their authorised partner banks and to rigorously comply with all operational standards.

"By this Notice, all market participants are reminded of the directives above and entreated to comply accordingly," the statement said. Noncompliance will result in serious penalties, including the revocation of the institution's licence."

This warning notice is issued to guarantee financial sector compliance and to safeguard the public from potential dangers associated with unapproved money transfer entities.