Desist from dealing with these eight unlicensed money transfer organisations - BoG cautions

The Bank of Ghana  (BoG) has released a list of eight unlicensed Money Transfer Organisations (MTOs) operating within the Remittance and the Ghana Forex Market. 

The eight are;

1.LEMFI 

2. WISE 

3. TRANSFER GO 

4. XOOM-A PAYPAL SERVICE 

5. SENDVALU 

6. BOSS REVOLUTION 

7. BTC-AZA FINANCE 

8. SUPERSONICZ

In a statement cautioning the public against dealing with those institutions, BoG said approved MTOs should conclude their foreign exchange flows through their partner institutions only and adhere strictly to all guidelines in respect of their operations.

"Section 3.1 of the Foreign Exchange Act, 2006 (Act 723) states that, “a person shall not engage in the business of dealing in foreign exchange without a licence issued under this Act. 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.

“By this Notice, all market players are reminded of the directives above and entreated to comply accordingly,” the notice said.