The Bank of Ghana (BoG) has issued a warning to the public against engaging with unapproved Money Transfer Organisations (MTOs) in the country.

In an official statement on Thursday, November 16, the central bank highlighted that several MTOs operating in the remittance and Ghana Forex Market lacked approval from the Bank of Ghana.

The unapproved organizations mentioned in the statement include “Lemfi, Wise, Transfer Go, Xoom-A Paypal Service, Sendwalu, Boss Revolution, BTC-Aza Finance, and Supersonic.”

The Bank of Ghana explicitly advised the general public, banks, Dedicated Electronic Money Issuers (DEMI), and Enhanced Payment Service Providers (EPSP) to refrain from conducting any transactions with the mentioned institutions.

Furthermore, the Bank of Ghana reminded approved MTOs to channel their foreign exchange flows exclusively through their authorized partner institutions and to adhere strictly to all operational guidelines.

The statement emphasized, "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."

This cautionary notice serves as a measure to ensure compliance within the financial sector and to protect the public from potential risks associated with unapproved money transfer entities.