The Bank of Ghana (BoG) has taken a firm stance against unauthorized money transfer operations (MTOs) conducting foreign exchange transactions, which the central bank says are in breach of regulatory protocols. In a recent notice, the BoG named several unapproved MTOs, including LEMFI and WISE, and emphasized the need for strict adherence to the Foreign Exchange Act’s guidelines.
Governor Ernest Addison highlighted the issue during announcements today, focusing on the importance of executing all transfers through licensed entities. The central bank’s notice was clear in its warning to all market players, including banks, designated external money institutions (DEMIs), electronic payment service providers (EPSPs), and both approved and unapproved MTOs. Non-compliance with these regulations could lead to severe sanctions, such as license withdrawal.
This action follows a specific warning issued on Thursday, where the BoG targeted a list of unapproved MTOs, which included names like Lemfi, Wise, Transfer Go, Xoom – A PayPal (NASDAQ:) Service, Sendwalu, Boss Revolution, BTC-Aza Finance, and Supersonic. The public and financial institutions were urged to steer clear of these entities and were reminded that approved MTOs must operate within the set guidelines and channel foreign exchange flows exclusively through authorized partners.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Read the full article here