"BoG goes after money doublers, warns media outlets not to advertise their services"

" \n The Bank of Ghana (BoG) has said the practices of entities and individuals engaged in \"Money Doubling,\" \u201cCard Loading\u201d and \u201cCredit Card Loading Systems\u201d are illegal. \n \n\n \n According to the BoG, such entities and individuals have not been licensed by the Central Bank as required by the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), as their activities amount to deposit taking. \n \n\n \n BoG further warned media outlets against advertising \"Money Doubling,\" \u201cCard Loading\u201d and \u201cCredit Card Loading Systems\u201d on their platforms. \n \n\n \n \u201cThe invitation to members of the general public to deposit monies with the \u201cMoney Doubling\u201d, \u201cCard Loading\u201d and \u201cCredit Card Loading Systems\u201d 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.\" \u201cBy this notice, the Bank of Ghana informs the general public that the Bank has not licensed any entities or individuals engaged in \u201cMoney Doubling\u201d, Card Loading\u201d and \u201cCredit Card Loading Systems\u201d. 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: (a) Body corporate; a fine of between 2500 to 5000 penalty units. (b) 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. (c) 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. \u201cThe Bank of Ghana therefore informs the general public as follows: It is illegal for any person or institution without the mandate and authority of the Bank of Ghana to advertise and engage in \u201cMoney Doubling\u201d, \u201cCard Loading\u201d and \u201cCredit Card Loading Systems\u201d activities on traditional and social media platforms, Such persons and entities offering \u201cMoney Doubling\u201d and \u201cCard Loading\u201d or \u201cCredit Card Loading Systems\u201d services are cautioned to desist from doing so immediately.\" \u201cThe general public is encouraged to verify with the Bank of Ghana or other relevant authorities, the licensing status of persons for entities before depositing funds with them. 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.\" \u201cThe Bank of Ghana wishes to notify all media outlets including radio, television and online channels NOT to permit the advertisement of \u201cMoney Doubling\u201d and \u201cCard Loading\u201d or \u201cCredit Card Loading Systems\u201d 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,\u201d the BoG noted. \n "

"BoG goes after money doublers, warns media outlets not to advertise their services"

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