The Bank of Ghana (BoG) warns that it has identified a money-doubling scheme operating in Ghana under the pseudonym Worldremit which the central bank is against and describes as a scam.
“This fraudulent scheme is distinct from the globally renowned fintech ‘WorldRemit’, which is in the business of international fund transfers,” the regulator warned.
The BoG in a statement issued on Thursday, October 14, 2021, said that the fraudulent copy of the fintech “encourages customers to select preferred packages, following which a code is generated by the fraudsters with which they obtain the WhatsApp accounts of their victims for spurious purposes”.
“The scheme is fraudulent and does not reward investors as promised,” the central bank warned.
It cautioned the general public against patronising “this and other similar unsanctioned schemes”.
The Bank of Ghana further statesd that it has not licensed any entities or individuals engaged in “money doubling”.
The general public is, therefore, advised to take note as follows:
- Verify with Bank of Ghana or other relevant authorities, the licensing status of persons or entities prior to depositing funds with them;
- Place deposits only with institutions licensed by Bank of Ghana, in order that they may be accorded the necessary protection offered under the applicable banking laws; and
- Refer to Bank of Ghana’s notice on ‘Money Doubling’ and ‘Card Loading systems’ titled NOTICE NO. BG/GOV/SEC/2020/12, which can be found on the Bank’s website: www.bog.gov.gh
“The Bank cautions the public not to participate in this illegal and fraudulent activity to avoid loss of funds”, adding: “Any individual or entity that participates in such or similar schemes does so at their own peril”.
“The public is advised to report such activities to Bank of Ghana at the address:
Financial Stability Department,
Bank of Ghana, 1 Thorpe Road,
P. O. Box 2674,
Accra, Ghana
OR email to complaints.office@bog.gov.gh”