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Bank of Ghana Cautions Ghanaians On Money Doubling Card Loading and Credit Loading Systems Practice

In Ghana, It is illegal for any person or Institution without the mandate of the Bank of Ghana to advertise and engaged in "Money Doubling", "Card Loading" and "Credit Loading Systems" activities on traditional and social media platforms.

The Bank of Ghana is cautioning the general public against the practice of Money Doubling, Card Loading and Credit Loading Systems across the country.

According to them these practices involve inviting members of the general public through traditional and social media outlets to deposit money through various payment service providers' Platforms or other channels in returns to attractive returns or opportunities.

However the invitation to members of the general public to deposit monies with the "Money Doubling", "Card Loading" and "Credit Loading Systems" amounts to deposit taking under the Banks and Specialised Depositing-Taking Institutions Act, 2016 "Act 930". Moreover under section 4 of Act 930, only a corporate, licensed by the Bank of Ghana, may carry out deposit- taking business.

In a notice signed by the Bank of Ghana's secretary Mrs. Sandra Thompson, indicated the Bank has not licensed any entities or individuals engaged in "Money Doubling", "Card Loading" and "Credit Loading Systems".

The Bank of Ghana further stated that individuals and entities in question, commit an offence and will be required to return all funds received from the general public.

In addition, any entities or individuals will be liable upon summary conviction will amount a fine of 2500 and 5000 penalty units for body corporate whereas an individual, a fine between 1500 to 3000 penalty units or a term of imprisonment between two "2" to four "4" years per section 22 of Act 930.

Meanwhile the general is encourage to verify with the Bank of Ghana or other relevant authorities, the licensing status of persons for entities before depositing with them.  

Content created and supplied by: CitizenJournalist (via Opera News )

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