The public has been cautioned by the Bank of Ghana to refrain from engaging with unlicensed Money Transfer Organisations (MTOs).
In a statement released by the central bank, it highlighted that a number of these MTOs, operating in the remittance and Ghana Forex Market, lack the necessary approval from the bank.
These organisations include “LEMFI, WISE, TRANSFER GO, XOOM-A PAYPAL SERVICE, SENDWALU, BOSS REVOLUTION, BTC-AZA FINANCE, and SUPERSONIC.”
“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 statement said.
The BoG has emphasized the importance of approved MTOs ensuring that their foreign exchange flows are terminated exclusively through their partner institutions and strictly follow all operational guidelines.
“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.