The public has been advised not to deal with unapproved Money Transfer Organizations (MTOs) by the Bank of Ghana.
The Bank of Ghana (BoG) announced in a statement that certain MTOs operating in the remittance and Ghana Forex markets did not have its approval.
These organisations include “LEMFI, WISE, TRANSFER GO, XOOM-A PAYPAL SERVICE, SENDWALU, BOSS REVOLUTION, BTC-AZA FINANCE, and SUPERSONIC.”
Therefore, the BoG issued the following statement: “By this Notice, the Public, Banks, Dedicated Electronic Money Issuers (DEMI), and Enhanced Payment Service Providers (EPSP) are, cautioned to desist from dealing with any of the above-mentioned institutions.”
The BoG also urged authorized MTOs to properly follow all operating standards and to stop sending money abroad through their partner institutions alone.
“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.
