#GhanaCentralBank #UnapprovedMoneyTransfers #ForeignExchange #Regulation #ForexMarket #GhanaianEconomy #FinancialCrime #CurrencyFlows
The Ghanaian Central Bank recently identified eight money transfer agencies, operating within the country’s remittances and forex markets without the required approval. Such firms, the bank cautions, are in violation of the stipulations in the Foreign Exchange Act of 2006. More specifically, they contravene Section 3.1 of the Act, by engaging in foreign exchange business dealings without a license issued under the Act. The eight firms in view are named as Lemfi, Wise, Transfer Go, Xoom-A Paypal Service, Sendvalu, Boss Revolution, BTC-AZA Finance, and Supersonicz.
Further, the country’s central bank warns the Ghanaian public and regulated financial institutions against any liaisons with these identified organizations. This stern warning was communicated alongside a mandate for these firms to ensure strict adherence to the prescribed guidelines and requirements of their operation, duly stipulated in their respective licenses. Several measures, encompassing restrictions on the forex parallel market, have been put in place by Ghanaian monetary authorities to mitigate the negative impact on the economy, a consequence of such financial transgressions. Notably, severe actions – including the suspension of licenses – are implemented against institutions found guilty of such financial violations. One such example is the issuance of a fine and the suspension of the forex license of Zeepay Ghana, which took effect from 27th November 2023 until 8th December 2023.
Image: https://weeklyfinancenews.online/wp-content/uploads/2023/09/fin76.png
Comments are closed.