The Bank of Ghana (BoG) has raised concerns about the presence of eight unapproved Money Transfer Organizations (MTOs) operating within the country, cautioning Ghanaians against engaging in financial transactions with these entities.
In an official statement released on Thursday, November 16, the central bank revealed that several MTOs operating in the remittance and Ghana Forex Market lacked the necessary approval from the Bank of Ghana. The named unapproved organizations include “Lemfi, Wise, Transfer Go, Xoom-A Paypal Service, Sendwalu, Boss Revolution, BTC-Aza Finance, and Supersonic.”
The BoG explicitly warned the general public, banks, Dedicated Electronic Money Issuers (DEMI), and Enhanced Payment Service Providers (EPSP) to avoid conducting any financial transactions with the mentioned institutions. The statement emphasized the potential risks associated with engaging in financial dealings with unapproved entities.
Additionally, the Bank of Ghana reminded approved MTOs to adhere strictly to operational guidelines and channel their foreign exchange flows exclusively through their authorized partner institutions. The central bank stated, “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 cautionary notice aims to ensure compliance within the financial sector and safeguard the public from potential risks associated with unauthorized money transfer entities. The Bank of Ghana encourages vigilance and adherence to
