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The Bank
The MTOs are, according to the BoG, LEMFI, WISE, TRANSFER GO, XOOM-A PAYPAL SERVICE, SENDVALU, BOSS REVOLUTION, BTC-AZA FINANCE and SUPERSONIC
The central quoted Section 3.1 of the Foreign Exchange Act, 2006 (Act 723), which states that “a person shall not engage in the business of dealing in foreign exchange without a license issued under this Act,” to support the characterization of these organizations as unapproved.
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 authorized dealer.”
“The public, Banks, dedicated electronic money issuers (DEMI), and enhanced payment service providers (EPSP) are cautioned by this notice to desist from dealing with any of the institutions named above.
“Approved MTOs are hereby reminded to terminate their foreign exchange flows through their partner institutions only and to adhere strictly to all guidelines in respect of their operations.
