The Bank of Ghana (BoG) has issued a stern warning to the public regarding involvement with unapproved Money Transfer Organisations (MTOs) within the country's financial landscape. This cautionary stance aims to safeguard consumers and ensure regulatory compliance within the financial sector.
In an official statement released on Thursday, November 16, the central bank explicitly highlighted that numerous MTOs operating within the remittance and Ghana Forex Market lack the requisite approval from the Bank of Ghana. As a result, the Bank of Ghana underscored the critical importance of regulatory clearance for such entities.
The statement specifically identified several unapproved MTOs, including “Lemfi, Wise, Transfer Go, Xoom-A Paypal Service, Sendwalu, Boss Revolution, BTC-Aza Finance, and Supersonic.” As a protective measure, the Bank of Ghana categorically advised the general public, banks, Dedicated Electronic Money Issuers (DEMI), and Enhanced Payment Service Providers (EPSP) to refrain from engaging in any form of financial transactions with these unapproved institutions.
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Additionally, the Bank of Ghana reemphasized the imperative for approved MTOs to exclusively channel their foreign exchange flows through their authorized partner institutions and adhere strictly to all operational guidelines. The directive underscores the critical importance of operational compliance and regulatory adherence within the financial ecosystem.
The significance of this notice was underscored in the statement, with a clear warning that non-compliance will result in severe sanctions, including the potential withdrawal of the license of any institution found in breach of these regulatory directives.
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This cautionary notice represents a proactive step by the Bank of Ghana to strengthen regulatory oversight within the financial sector and protect the public from potential risks associated with engaging with unapproved money transfer entities. By emphasizing the need for compliance and adherence to regulatory protocols, the Bank of Ghana continues to play a pivotal role in ensuring the stability, integrity, and security of the financial ecosystem.
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