BoG notifies media not to allow ‘money doublers’ on their platforms
The Bank of Ghana has cautioned media firms not to allow the broadcast of illegal money doubling and credit card loading schemes on their platforms.
A statement issued by the central bank said no entity or individual has been licensed to engage in that business in the country.
According to the BoG, it will not hesitate to seek the assistance of law enforcement agencies to arrest and prosecute persons who are found culpable.
Persons found to have violated this law are liable to fines and jail terms ranging between two and four years.
“Money Doubling”, “Card Loading” and “Credit Card Loading Systems” amount to deposit-taking, under the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) and under Section 4 of Act 930 only entities licensed by the Bank may carry out deposit-taking business.
“By this notice, the Bank of Ghana 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”. The said individuals and entities in question, commit an offence and will be required to return all funds received,” the BoG read.
“Members of the public are reminded to place deposits only with institutions licensed by the Bank of Ghana, in order that they may be accorded the protection available under the banking laws.
“The Bank of Ghana wishes to notify all media outlets 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 general public is encouraged not to engage in such activities and to report such illegal activities to the Bank of Ghana…”, it added.
The statement added: The said individuals and entities in question, commit an offence and will be required to return all funds received. In addition, such individuals and entities will be liable upon summary conviction, to the following punishment;
- Body corporate; a fine of between 2500 to 5000 penalty units.
- Director of a Body Corporate or other body of persons; a fine of between 1500 to 3000 penalty units or a term of imprisonment between two (2) to four (4) years.
- An Individual; a fine of between 1500 to 3000 penalty units or a term of imprisonment between two (2) to four (4) years per section 22 of Act 930.