The Bank of Ghana has issued a notice cautioning Ghanaians against transacting business with 10 unauthorized money transfer organizations (MTOs) operating in the remittance and Ghana forex markets.
The Central Bank specifically issued the directive to banks, Dedicated Electronic Money Issuers (DEMIs), and Enhanced Payment Service Providers (EPSPs), urging them to cease all dealings with ten unapproved Money Transfer Organisations (MTOs) operating without authorisation.
The bank explained that the move forms part of efforts aimed at dealing with organisations working without approval and to minimise risks associated with illicit financial activities and maintain the integrity of the national financial system.
The ten MTOs are: Ace Money Transfer, Remit Union, Remit Home, Roze Remit, Monty Global, Nairagram, I-Ransfer, Hurupay, Eversed, and IZI Send.
By: Rainbowradioonline.com/Ghana
