BoG warns against 8 unapproved transfer organisations

The Bank of Ghana (BoG) has issued a stern warning to the Ghanaian public regarding the involvement with eight unapproved Money Transfer Organisations (MTOs) operating in the country. In an official statement released on Thursday, November 16, the central bank raised concerns about several MTOs engaged in remittance and the Ghana Forex Market, emphasizing their lack of approval from the Bank of Ghana.

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The unapproved organizations listed in the statement are “Lemfi, Wise, Transfer Go, Xoom-A Paypal Service, Sendwalu, Boss Revolution, BTC-Aza Finance, and Supersonic.” The central bank explicitly cautioned the general public, banks, Dedicated Electronic Money Issuers (DEMI), and Enhanced Payment Service Providers (EPSP) against engaging in any transactions with these entities.

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In addition to warning against transactions with unapproved MTOs, the Bank of Ghana directed approved MTOs to exclusively route their foreign exchange flows through their authorized partner institutions. The statement underscored the importance of strict adherence to operational guidelines by all approved MTOs.

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The statement emphasized, “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 advisory from the Bank of Ghana serves as a proactive measure to ensure compliance within the financial sector and to safeguard the public from potential risks associated with engaging with unapproved money transfer entities. The central bank’s commitment to enforcing regulatory standards underscores the significance of maintaining a secure and regulated financial environment, with severe consequences outlined for entities found in breach of the established guidelines. Overall, this cautionary notice aims to protect the interests of both financial institutions and the general public, reinforcing the importance of adhering to approved and regulated channels for money transfer transactions.

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