{"id":60118,"date":"2023-11-20T16:45:21","date_gmt":"2023-11-20T16:45:21","guid":{"rendered":"https:\/\/www.africa-press.net\/ghana\/uncategorized\/bog-cautions-public-financial-institutions-against-unapproved-money-transfer-organisations"},"modified":"2023-11-20T16:48:32","modified_gmt":"2023-11-20T16:48:32","slug":"bog-cautions-public-financial-institutions-against-unapproved-money-transfer-organisations","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/ghana\/all-news\/bog-cautions-public-financial-institutions-against-unapproved-money-transfer-organisations","title":{"rendered":"BoG cautions public, financial institutions against unapproved money transfer organisations"},"content":{"rendered":"

Africa-Press – Ghana. <\/strong><\/span>The Bank of Ghana (BoG) has advised the public not to deal with some Money Transfer Oragnisations (MTO) operating in the country.<\/b><\/p>\n

According to the BoG, it had come to its attention that those MTOs were operating remittance in the forex market in the coun\u00adtry without the approval from the BoG.<\/p>\n

A statement issued by the BoG and cop\u00adied to the Ghanaian Times in Accra on Friday mentioned the organisations as LEMFI, WISE, TRANSFER GO, XOOM-A PAYPAL SERVICE, SENDVALU, BOSS REVOLUTION, BTC-AZA FINANCE, and SUPERSONICZ.<\/p>\n

It said Section 3.1 of the Foreign Ex\u00adchange Act, 2006 (Act 723) states that, \u201ca person shall not engage in the business of dealing in foreign exchange without a licence issued under this Act\u201d.<\/p>\n

The BoG also said \u201cBy section 15.3 of the Foreign Exchange Act 2006 (Act 723), \u201ceach 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.\u201d<\/p>\n

\u201cThe Public, Banks, Dedicated Electron\u00adic Money Issuers (DEMI) and Enhanced Payment Service Providers (EPSP) are by this Notice cautioned 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,\u201d the BoG, said.<\/p>\n

It said by \u201cThis notice, all market players were reminded of the directives above and entreated to comply accordingly, adding that Non-compliance will result in severe sanc\u00adtions including the withdrawal of the license of the institution in breach.\u201d<\/p>\n

In another development, the First Deputy Governor of BoG, Dr Maxwell Opoku-Af\u00adari, who spoke on BoG\u2019s vision for FinTech and Inclusion at the just ended FinTech Festival held in Singapore, said the BoG had done a lot to promote the FinTech industry as part of measures to promote financial inclusion in the country.<\/p>\n

He said the BoG in 2019 introduced the Payment Systems and Services Act that allowed BoG to license and regulate the electronic money issuers and payment ser\u00advice providers, indicating that the Act was transformational.<\/p>\n

Dr Opoku-Afari said the BoG also in 2020 also set up the Fintech Innovation Office to drive the agenda for a cash-light economy and promote digitalisation in the country.<\/p>\n

He said the BoG had also introduced a regulatory sandbox to test new ideas and innovation in the FinTech industry and also issued guidelines on remittances and crowd funding.<\/p>\n

Commenting on the 3iAfrica Summit to be held in Ghana from 13th to 15th of May, 2024, which is expected to draw over 2,000 industry leaders from about 80 countries to ignite innovation and harness the impact of FinTechs in the digital financial economies across the continent, he said \u201cWe look forward to the 3iAfrica Summit becoming a beacon for financial technology and a turning point in Africa\u2019s digital revolution. The conversations and collaborations that will start here are set to chart a new course for the continent\u2019s economic landscape.\u201d<\/p>\n

To be held on the theme \u201cUnleashing Africa\u2019s FinTech and Digital Economic Potential,\u201d the 3iAfrica Summit is a collabo\u00adrative initiative by the Bank of Ghana, De\u00advelopment Bank Ghana, and the Monetary Authority of Singapore (MAS) in collabora\u00adtion with Elevandi.<\/p>\n

It aims to be a strategic platform to show\u00adcase Africa\u2019s digital prowess and to stimulate both local and international investments in the burgeoning FinTech sector.<\/p>\n

For More News And Analysis About Ghana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Ghana. The Bank of Ghana (BoG) has advised the public not to deal with some Money Transfer Oragnisations (MTO) operating in the country. According to the BoG, it had come to its attention that those MTOs were operating remittance in the forex market in the coun\u00adtry without the approval from the BoG. A […]<\/p>\n","protected":false},"author":84,"featured_media":60117,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7],"tags":[5092,5096,429],"class_list":["post-60118","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","tag-africa-press","tag-africa-press-ghana","tag-ghana"],"yoast_head":"\nBoG cautions public, financial institutions against unapproved money transfer organisations - Ghana<\/title>\n<meta name=\"description\" content=\"The Bank of Ghana (BoG) has advised the public not to deal with some Money Transfer Oragnisations (MTO) operating in ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/ghana\/all-news\/bog-cautions-public-financial-institutions-against-unapproved-money-transfer-organisations\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BoG cautions public, financial institutions against unapproved money transfer organisations\" \/>\n<meta property=\"og:description\" content=\"The Bank of Ghana (BoG) has advised the public not to deal with some Money Transfer Oragnisations (MTO) operating in ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/ghana\/all-news\/bog-cautions-public-financial-institutions-against-unapproved-money-transfer-organisations\" \/>\n<meta property=\"og:site_name\" content=\"Ghana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-20T16:45:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-20T16:48:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2023\/11\/sm_1700486120.353243.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/bog-cautions-public-financial-institutions-against-unapproved-money-transfer-organisations#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/bog-cautions-public-financial-institutions-against-unapproved-money-transfer-organisations\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"BoG cautions public, financial institutions against unapproved money transfer organisations\",\"datePublished\":\"2023-11-20T16:45:21+00:00\",\"dateModified\":\"2023-11-20T16:48:32+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/bog-cautions-public-financial-institutions-against-unapproved-money-transfer-organisations\"},\"wordCount\":588,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/bog-cautions-public-financial-institutions-against-unapproved-money-transfer-organisations#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2023\/11\/sm_1700486120.353243.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Ghana\",\"ghana\"],\"articleSection\":[\"all news\",\"Economy\",\"head lines\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/ghana\/all-news\/bog-cautions-public-financial-institutions-against-unapproved-money-transfer-organisations#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/bog-cautions-public-financial-institutions-against-unapproved-money-transfer-organisations\",\"url\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/bog-cautions-public-financial-institutions-against-unapproved-money-transfer-organisations\",\"name\":\"BoG cautions public, financial institutions against unapproved money transfer organisations - 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