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Tag: Money Transfer

BoG warns Ghanaians against 8 unapproved money transfer organizations

BoG warns Ghanaians against 8 unapproved money transfer organizations

Ghana News
The Bank of Ghana (BoG) has issued a warning to the public against engaging with unapproved Money Transfer Organisations (MTOs) in the country. In an official statement on Thursday, November 16, the central bank highlighted that several MTOs operating in the remittance and Ghana Forex Market lacked approval from the Bank of Ghana. The unapproved organizations mentioned in the statement include “Lemfi, Wise, Transfer Go, Xoom-A Paypal Service, Sendwalu, Boss Revolution, BTC-Aza Finance, and Supersonic.” The Bank of Ghana explicitly advised 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.https://cdn.vuukle.com/widgets/quiz.html?version=...
Value of MoMo transactions shoots up by over 120% in a year – BoG

Value of MoMo transactions shoots up by over 120% in a year – BoG

Ghana News, Headlines Today
The value of mobile money transactions has more than doubled in the last twelve months, according to the Bank of Ghana. The total value shot up by over 120 percent from February 2020 to February 2021. On a monthly basis, the value of transactions from January to February saw a minimal increase of about 1 percent. This was contained in the Central Bank’s Summary of Macroeconomic and Financial Data report. Apart from a few periods of reduction over the past 12 months, the value of mobile money transactions in Ghana has generally seen a consistent rise. After dropping marginally to GHS32.8 billion in April 2020, the month after Ghana recorded its first coronavirus cases, a surge in the value of mobile money transactions was seen in May, as the figure shot up to GHS41.5 billio...
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