Stop dealing with LEMFI, WISE, Transfer GO, XOOM-A Paypal Service, Sendvalu, other money transfer organisations — BoG warns public

The Bank of Ghana (BoG) has warned the public to stop dealing with eight money transfer organizations (MTOs) that are operating in the country without the requisite authorization.

In a statement dated Thursday, November 16, BoG Secretary Sandra Thompson said LEMFI, WISE, TRANSFER GO, XOOM-A PAYPAL SERVICE, SENDVALU, BOSS REVOLUTION, BTC-AZA FINANCE and SUPERSONICZ "are operating within the Remittance and the Ghana Forex Market without approval" from the central bank.

Ms Thompson noted, “Section 3.1 of the Foreign Exchange Act, 2006 (Act 723) states that ‘a person shall not engage in the business of dealing in foreign exchange without a licence issued under this Act’.”

She further referenced Section 15.3 of the Act: "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.”

BoG has cautioned "the Public, Banks, Dedicated Electronic Money Issuers (DEMI) and Enhanced Payment Service Providers (EPSP)" against doing business with the eight unauthorized firms.

Licensed MTOs were also reminded "to terminate their foreign exchange flows through their partner institutions only and to adhere strictly to all guidelines."

Failure to heed the directives could result in "severe sanctions including the withdrawal of the licence of the institution in breach," Ms. Thompson stressed.