The Bank of Ghana advises the public not to deal with Money Transfer Organizations (MTOs) that are not authorized.

The Bank of Ghana (BoG) said in a statement that several MTOs operating in the remittance and Ghana Forex markets did not have its approval.

“LEMFI, WISE, TRANSFER GO, XOOM-A PAYPAL SERVICE, SENDWALU, BOSS REVOLUTION, BTC-AZA FINANCE, and SUPERSONIC” are some of these organizations.

“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 above-mentioned institutions,” reads a statement released by the BoG on Thursday.

The BoG also reminded authorized MTOs to strictly follow all operating guidelines and to stop sending money abroad through their partner institutions alone.

“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 license of the institution in breach,” the BoG stated.

Full Statement: