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24 August 2017

BoG cautions public against online scheme ‘MONIDOUBLA’

The Bank of Ghana has cautioned the public to stay away from doing any business with the online financial scheme; MONIDOUBLA.

The said entity’s operations involve mobilizing funds and making payments to its community members via mobile money platforms.

The central bank in a statement copied to Citi Business News on Thursday said that MONIDOUBLA is not licensed to engage in any form of deposit-taking business.

“The Bank of Ghana wishes to inform the general public that MONIDOUBLA is NOT LICENSED by the BANK to engage in any form of deposit-taking business.”

“Hence, anyone who does business with MONIDOUBLA does so at his or her own risk.”

Also, the central bank’s maintains that its investigations indicate that online scheme is flouting the provisions of the Banks and Specialized Deposit-Taking Institutions Act and also threatens the safety and soundness of the financial system.

“The entity’s operations are contrary to section 6(1) of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930), and also threatens the safety and soundness of the financial system.”

By: Pius Amihere Eduku/citibusinessnews.com/Ghana

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