BoG descends on ‘Money Doublers’ …warns public against their activities

The Bank of Ghana (BoG) has cautioned the public against depositing monies with persons running “Money Doubling”, “Card Loading” and “Credit Card Loading Systems” services for higher returns.

According to the BoG, it was illegal for any person or institution without the mandate and authority of the regulator to advertise and engage in the above activities on traditional and social media platforms.

A press statement signed by Sandra Thompson, Secretary of BoG and issued on October 5 in Accra, noted that, individuals and entities engaged in the practice commit an offence and would be required to return all funds received as well as be liable for conviction.

“The invitation to members of the general public to deposit monies with the “Money Doubling”, “Card Loading” and “Credit Card Loading Systems” amounts to deposit taking, under the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

Under Section 4 of Act 930 only a body corporate, licensed by the Bank of Ghana may carry out deposit-taking business.

By this notice, the BoG informs the general public that the Bank has not licensed any entities or individuals engaged in “Money Doubling”, Card Loading” and “Credit Card Loading Systems,” it stated

The statement advised persons and institutions offering those services to desist from doing so immediately and urged the public to verify with the BoG or other relevant authorities, the licensing status of persons for entities before depositing funds with them.

It reminded the public to place deposits only with institutions licensed by the BoG, in order that their deposits could be protected under the banking laws.

The BoG encouraged all media organisations including radio, television and online channels not to permit the advertisement of “Money Doubling” and “Card Loading” or “Credit Card Loading Systems” on their platforms.

“The media is encouraged to verify the licensing status of such entities with Bank of Ghana, before advertising their products and services. The public is encouraged not to engage in such activities and to report such illegal activities to the BoG,” it stated.

BY TIMES REPORTER

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