The Bank of Ghana is asking the public not to deal with an online based financial firm Monidoubla.

According to the Central Bank, Monidobla uses mobile platforms as a medium to transact its operations.

The Bank of Ghana in a statement added that “Funds are mobilised and paid to its members via mobile money platforms, and monies lodged with the entity are said to be doubled over a period”.

But the regulator noted that the entity’s operations are contrary to section 6(1) of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930).

The Bank of Ghana concluded is therefore informing the general public that “Monidoubla is not licensed by the bank to engage in any form of deposit-taking business. Hence, anyone who does business with Monidoubla does so at his/her own risk.”

Cleaning up the industry

This warning is coming after a similar one on the operations of gold buying firm Menzgold. For some industry watchers this is a sign of the bank’s commitment to clean up the industry.

However, others have criticized the Bank for not doing enough to protect depositors.

They have argued that the regulator should rather move in quickly to close these firms rather than warning the public.