The Bank of Ghana (BoG) has recently discovered that several Money Transfer Organisations (MTOs) operating in the Remittance and Ghana Forex Market are doing so without proper approval.
These MTOs include LEMFI, WISE, TRANSFER GO, XOOM-A PAYPAL SERVICE, SENDVALU, BOSS REVOLUTION, BTC-AZA FINANCE, and SUPERSONICZ.
According to the BoG, these organizations are in violation of Section 3.1 of the Foreign Exchange Act, 2006 (Act 723), which states that engaging in the business of dealing in foreign exchange without a license is illegal.
However, 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 authorized 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.
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