Ghana’s Central Bank Names Eight Money Transfer Companies Operating Without Its Approval

The Bank of Ghana precocious pointed the digit astatine 8 wealth transportation organizations which are allegedly operating successful Ghana’s remittances and forex marketplace without its approval. The cardinal slope besides warned the nationalist and regulated fiscal institutions against having dealings with the 8 firms.

Eight Firms Did Not Adhere to the Requirements of the Foreign Exchange Act

The Ghanaian cardinal slope has identified 8 wealth transportation organizations (MTOs) that are operating successful the country’s remittances and forex markets without its approval. In a notice issued connected Nov. 16, the Bank of Ghana (BOG) besides warned the nationalist and regulated fiscal institutions against having dealings with said MTOs.

According to the notice, the 8 MTOs are Lemfi, Wise, Transfer Go, Xoom-A Paypal Service, Sendvalu, Boss Revolution, BTC-AZA Finance, and Supersonicz. The announcement said each of the supra MTOs is violating Section 3.1 of the Foreign Exchange Act, 2006 (Act 723). This instrumentality states that nary idiosyncratic should “engage successful the concern of dealing successful overseas speech without a licence issued nether this Act.”

Furthermore, conception 15.3 of the aforesaid instrumentality specifically states that immoderate question of overseas speech to and from Ghana should beryllium done by persons with the requisite licenses. The cardinal slope besides reminded approved MTOs that they should adhere to the requirements of their respective licenses astatine each times.

“Approved MTOs are hereby reminded to terminate their overseas speech flows done their spouse institutions lone and to adhere strictly to each guidelines successful respect of their operations,” the slope explained.

Ghana’s Foreign Exchange Woes

Ghana, similar galore of its chap African countries, has grappled with a shortage of overseas speech connected the authoritative market. The shortage has not lone accrued unit connected the section currency’s speech complaint versus the U.S. dollar but has besides fueled inflation. As antecedently reported by Bitcoin.com News, the Ghanaian cedi was 1 of the world’s worst-performing currencies successful 2022.

Ghanaian monetary authorities person since adopted respective measures which are aimed astatine restricting the forex parallel market’s power connected the economy. Some of these see the suspension of licenses of fiscal institutions caught connected the incorrect broadside of the law.

In its latest specified enactment against supposedly errant institutions, the BOG said connected Nov. 20 it had imposed a good and suspended the “forex licence of Zeepay Ghana Limited from 27th November 2023 to 8th December 2023.”

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