BoG warn Ghanaians of unauthorized money transfer organizations.
The Bank of Ghana (BoG) has issued a warning urging the public to exercise caution regarding unauthorized Money Transfer Organizations (MTOs) in the country.
In an official statement, the central bank emphasized that several MTOs operating in the remittance and Ghana Forex Market lack approval from the Bank of Ghana.
The unapproved organizations specifically mentioned in the statement are “Lemfi, Wise, Transfer Go, Xoom-A Paypal Service, Sendwalu, Boss Revolution, BTC-Aza Finance, and Supersonic.”
The statement also emphasizes that all approved MTOs are required to channel their foreign exchange flows exclusively through their authorized partner institutions and adhere strictly to all operational guidelines.
The Bank of Ghana explicitly advised the general public, banks, Dedicated Electronic Money Issuers (DEMI), and Enhanced Payment Service Providers (EPSP) to avoid conducting any transactions with these institutions.
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This warning is intended to ensure compliance within the financial sector and safeguard the public from potential risks associated with engaging with unapproved money transfer entities.
