It is illegal for any person or institution, without the mandate and authority of the Bank of Ghana (BoG), to advertise and engage in “money-doubling, card-loading and credit card-loading” activities on traditional and social media platforms, the central bank has warned.

BoG has, therefore, cautioned the public to stay away from such schemes.

In a statement, the central bank explained that the practices involved inviting members of the public, through traditional and social media outlets, to deposit money with “money-doubling”, “card-loading” and “credit card-loading” systems through various service-provider platforms or other channels in return for attractive returns or opportunities.

It said the invitation to members of the public to deposit monies with the “money-doubling”, “card-loading” and “credit card-loading” systems, amounts to deposit-taking but under Section 4 of Act 930, only a body corporate licensed by the Bank of Ghana may carry out deposit-taking business.

The BoG further noted that it has not licensed any entities or individuals engaged in “money-doubling”, “card-loading” and “credit card-loading” systems.

The said individuals and entities in question, according to the central bank, commit an offence and will be required to return all funds received.

In addition, such persons and entities will be liable, upon summary conviction, to the following:

a. Body corporate: a fine of between 2500 to 5000 penalty units

b. Director of a body corporate or other body of persons: a fine of between 1500 to 3000 penalty units or a term of imprisonment between two to four years.

An individual: a fine of between 1500 to 3000 penalty units or a term of imprisonment between two to four years per section 22 of Act.