BoG refutes claims of withheld GH¢57bn by MTOs and Fintechs

The Bank of Ghana has refuted reports that GH¢57 billion is being withheld by Money Transfer Operators and Fintech companies.

The reports alleged a discrepancy in remittance inflows between the World Bank and Bank of Ghana, with the World Bank tracking $21.1 billion and the Bank of Ghana accounting for $9.5 billion.

The Bank of Ghana clarified that it does not license foreign-based MTOs, but conducts due diligence on partnerships with local banks and Fintechs.

All remittance inflows are credited to partner banks, and no Payment Service Providers hold forex inflows. ¹