A list of unapproved Money Transfer Organisations (MTO’s) has been released by the Bank of Ghana (BoG).
In a statement, Ghana’s central bank asked the general public to desist from dealing with unapproved Money Transfer Organisations.
The BoG said a number of these MTOs operating within the remittance and the Ghana Forex Market are without approval.
The unapproved organizations are LEMFI, WISE, TRANSFER GO, XOOM-A PAYPAL SERVICE, SENDWALU, BOSS REVOLUTION, BTC-AZA FINANCE, and SUPERSONIC.
BoG has also asked approved money transfer organizations to terminate their foreign exchange flows through their partner institutions only and to adhere strictly to all guidelines with respect to their operations.
“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.”
“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,” the statement said.
Read full statement from BoG below:
Ghana | Atinkaonline.com | Vivian Adu
