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The public has been advised by the Bank of Ghana to avoid doing business with unapproved Money Transfer Organizations (MTOs).
The Bank of Ghana (BoG) announced in a statement that certain MTOs operating in the remittance and Ghana Forex markets did not have its approval.
“LEMFI, WISE, TRANSFER GO, XOOM-A PAYPAL SERVICE, SENDWALU, BOSS REVOLUTION, BTC-AZA FINANCE, and SUPERSONIC” are some of these organizations.
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As a result, according to the BoG, “this Notice cautions the Public, Banks, Dedicated Electronic Money Issuers (DEMI), and Enhanced Payment Service Providers (EPSP) to desist from dealing with any of the above-mentioned institutions.”
The BoG also urged authorized MTOs to properly follow all operating standards and to stop sending money abroad through their partner institutions alone.
“All market participants are reminded of the aforementioned directives and are urged to comply accordingly by means of this Notice.”
It said that “non-compliance will result in severe sanctions, including the withdrawal of the institution’s license in breach.”
