Bank of Ghana Warns Against Dealing with Unapproved Money Transfer Organisations

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The Bank of Ghana (BoG) has issued a warning against engaging with unapproved Money Transfer Organisations (MTOs) operating in the remittance and Ghana Forex Market.

 The BoG specifically mentioned several organizations, including LEMFI, WISE, TRANSFER GO, XOOM-A PAYPAL SERVICE, SENDWALU, BOSS REVOLUTION, BTC-AZA FINANCE, and SUPERSONIC, that lack approval from the bank.

 The public, banks, Dedicated Electronic Money Issuers (DEMI), and Enhanced Payment Service Providers (EPSP) are cautioned to refrain from dealing with these unapproved institutions. 

The BoG emphasized the need for approved MTOs to conduct foreign exchange flows solely through their partner institutions and comply with all operational guidelines. Non-compliance may lead to severe sanctions, including license withdrawal for the breaching institution.



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