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The Bank of Ghana has issued a warning to the public regarding unapproved Money Transfer Organisations (MTOs).
In a statement, the BoG specified that numerous MTOs operating in the remittance and Ghana Forex Market do not have approval from it.
These unapproved organizations include LEMFI, WISE, TRANSFER GO, XOOM-A PAYPAL SERVICE, SENDWALU, BOSS REVOLUTION, BTC-AZA FINANCE, and SUPERSONIC.
BoG has, therefore, cautioned the public, banks, Dedicated Electronic Money Issuers (DEMI), and Enhanced Payment Service Providers (EPSP) to refrain from doing business with any of these unapproved institutions.
Additionally, approved money transfer organizations have been reminded to carry out their foreign exchange flows solely through their partner institutions and to strictly adhere to all guidelines related to their operations.
All market players are obligated to comply with the directives in this notice. Failure to comply will result in severe sanctions, including the revocation of the institution’s license if they are found to be in breach.
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