Eight (8) Money Transfer Organisations (MTOs) have been exposed for breaching foreign exchange business transactions without licences from the Central Bank of Ghana.
According to a statement signed by the Bank’s Secretary, Sandra Thompson, the institutions are operating within the Remittance and the Ghana Forex Market without approval from the Bank of Ghana.
They are said to have breached Section 3.1 and Section 15.3 of the Foreign Exchange Act, 2006 (Act 723) which respectively state that, “a person shall not engage in the business of dealing in foreign exchange without a licence issued under this Act” and “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.”
The eight institutions have been identified as LEMFI, WISE, TRANSFER GO, XOOM-A PAYPAL SERVICE, SENDVALU, BOSS REVOLUTION, BTC-AZA FINANCE and SUPERSONICZ.
Public, Bank, Dedicated Electronic Money Issuers and Enhanced Payment Service Providers (EPSP) have thus been cautioned against dealing with them.
Approved MTOs have also been directed to terminate their foreign exchange flows through their partner institutions only and adhere strictly to all guidelines with 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,” It concluded.