The Central Bank of Ghana has barred eight money transfer organisations (MTOs) from operating in the country. The eight companies include Xoom, Wise, LemFi, Transfer Go, SendValu, Aza Finance, Boss Revolution and Supersonicz.
The apex bank says these fintechs don’t have the regulatory approval to operate in Ghana. The bank has also warned all financial institutions in the country to stop dealing with these fintechs.
Ghana’s laws say companies can’t trade foreign currency without a licence. If caught doing so under Section 29.1, the companies could face a fine of up to seven hundred penalty units or be in jail for up to eighteen months, or even both.