BoG cautions public against money doublers, credit card loading schemes

According to the bank, the practice often involves inviting the general public through the social, traditional mediums asking them to deposit funds through the various payment systems for attractive returns and opportunities.

But reiterating the call in a statement it first issued in October 2020 and republished on Wednesday February 17 2021, the Bank of Ghana said it has not issued a license to any entity or individuals to engage in the act as required by the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), as their activities amount to deposit-taking.

“The said individuals and entities in question commit an offence and will be required to return all received. In addition, such individuals and entities will be liable upon summary conviction to punishment such as imprisonment between two and four years,” the Bank of Ghana said.

The Bank of Ghana however charged the public to verify with the Bank, licensed financial institutions or entities before making deposits with them.

It also urged media outlets to desist from advertising “Money Doubling,” “Card Loading” and “Credit Card Loading Systems” on their platforms.

Read the statement below.