The Bank of Ghana (BoG) has cautioned the public against dealing with unapproved Money Transfer Organisations (MTOs).
In a statement on Thursday, BoG said several MTOs operating in the remittance and Ghana Forex Market lacked approval from the Bank of Ghana.
The Bank named Lemfi, Wise, Transfer Go, Xoom-A Paypal Service, Sendwalu, Boss Revolution, BTC-Aza Finance, and Supersonic as some of these unapproved remittance companies operating in the country.
The central bank urged 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.
The central bank further reminded approved MTOs to channel their foreign exchange flows exclusively through their authorized partner institutions and to adhere strictly to all operational guidelines.