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Ghanaian Bank to clamp down on money-doublers

The Bank of Ghana ( BoG) warned the general public against” Money Doubling,” “Card Loading “and” Credit Card Loading Systems “activities.

According to the central bank, such activities including inviting members of the general public via conventional and social media outlets to deposit cash with “Money Doubling”, “Wallet Loading” and “Credit Card Loading Services” through the websites or other networks of various payment service providers in exchange for lucrative returns or opportunities are illegal because they have not been approved.

Under the Banks and Specialist Deposit-Taking Institutions Act , 2016 (Act 930), the invitation to members of the general public to deposit funds with “Money Doubling”, “Card Loading” and “Credit Card Loading Schemes” amounts to deposit taking. Only a corporate entity authorised by the Bank of Ghana can carry out deposit-taking activities under Section 4 of Act 930.

“Through this notice, the Bank of Ghana informs the general public that no entities or individuals involved in” Money Doubling, “Card Loading” and “Credit Card Loading Systems” have been authorised by the Bank. The persons and organizations involved are responsible for committing an offense and will be expected to refund all funds earned. Furthermore, these persons and institutions will be responsible for the following penalty on summary conviction:

(a) Business entity; a fine of 2500 to 5000 penalty units.

(b) a fine of between 1,500 and 3,000 penalty units or a term of incarceration of between two ( 2) and four ( 4) years; a fine of between 1,500 and 3,000 penalty units;

A fine of between 1500 and 3000 penalty units or a period of incarceration of between two ( 2) and four ( 4) years pursuant to section 22 of Act 930.

“Therefore, the Bank of Ghana informs the general public as follows: it is illegal for any individual or entity to advertise and engage in” Money Doubling,” “Card Loading “and” Credit Card Loading Systems “activities on traditional and social media platforms without the mandate and authority of the Bank of Ghana, such persons and entities to offer” Money Doubling “and” Card Loading “or” Credit Car Loading Systems

The general public is urged to check the licensing status of individuals for organizations with the Bank of Ghana or other related authorities before depositing funds with them. Members of the public are encouraged to position deposits only with institutions authorised by the Bank of Ghana, so that the protection available under banking laws can be provided to them.

The Bank of Ghana wishes to inform all media outlets, including radio , TV and online channels, that it will NOT allow “Money Doubling” and “Card Loading” or “Credit Card Loading Systems” ads on its platforms. The media is advised to check with the Bank of Ghana the licensing status of these organizations before advertising their goods and services.

 

Timothy

Professional web developer, graphic designer, digital marketing expert, video editor, programmer, digital skills educator, and many more... Contact me through info@adjotechhub.com, info@kadeonline.com, or on WhatsApp: 0540702288 for any business or help.

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