The Bank of Ghana has cautioned the general public to desist from dealing with unapproved Money Transfer Organisations (MTOs).
In a statement, the BoG said a number of these MTOs operating within the remittance and the Ghana Forex Market were without approval from it.
These organisations include “LEMFI, WISE, TRANSFER GO, XOOM-A PAYPAL SERVICE, SENDWALU, BOSS REVOLUTION, BTC-AZA FINANCE, and SUPERSONIC.”
The BoG, therefore, said, “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 BoG also reminded approved MTOs to terminate their foreign exchange flows through their partner institutions only and to adhere strictly to all guidelines in respect of their operations.
“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.
