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The Bank of Ghana (BoG) has said it has come to its notice that there are a number of Money Transfer Organisations (MTOs) operating within the Remittance and the Ghana Forex Market without approval. The MTOs are, according to the BoG, LEMFI, WISE, TRANSFER GO, XOOM-A PAYPAL SERVICE, SENDVALU, BOSS REVOLUTION, BTC-AZA FINANCE and SUPERSONICZ

The central bank quoted Section 3.1 of the Foreign Exchange Act, 2006 (Act 723) which states that, “a person shall not engage in the business of dealing in foreign exchange without a licence issued under this Act” to support the characterisation of these organizations as unapproved. Further, by section 15.3 of the Foreign Exchange Act 2006 (Act 723), “each transfer of foreign exchange to or from Ghana shall be made through a person licensed to carry out the business of money transfers or any other authorised dealer.”

“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. “Approved MTOs are hereby reminded to terminate their foreign exchange flows through their partner institutions only and to adhere strictly to all guidelines in respect of their operations.

“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 licence of the institution in breach,” a statement by the Bank of Ghana said.

Laud Nartey

Benjamin Mensah

By Benjamin Mensah

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