Felix
The Bank of Ghana has published a list of unapproved money transfer organizations.
The Bank of Ghana has issued a warning to the general public, urging them to refrain from engaging with unapproved Money Transfer Organizations (MTOs).
In an official statement, the BoG highlighted that several MTOs operating in the remittance and Ghana Forex Market lacked the necessary approval from the bank. These unapproved organizations include “LEMFI, WISE, TRANSFER GO, XOOM-A PAYPAL SERVICE, SENDWALU, BOSS REVOLUTION, BTC-AZA FINANCE, and SUPERSONIC.”
The BoG explicitly cautioned the public, banks, Dedicated Electronic Money Issuers (DEMI), and Enhanced Payment Service Providers (EPSP) against conducting any transactions with the aforementioned institutions.
Furthermore, the BoG reminded approved MTOs to solely channel their foreign exchange flows through their authorized partner institutions and strictly adhere to all operational guidelines.
The notice emphasized that all market players must comply with the directives outlined, failing which severe sanctions, including the revocation of the institution’s license, would be imposed.
Therefore, the Bank of Ghana urges strict compliance with these regulations and guidelines to maintain the integrity of the financial system.
