Money doubling, card loading illegal – Bank of Ghana

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The Bank of Ghana (BoG) has cautioned the public against “Money Doubling,” “Card Loading” and “Credit Card Loading Systems.”

The caustion follows recent activities of entities and individuals who use traditional media or social media outlets to invite the general public to deposit money with “Money Doubling,” “Card Loading” and “Credit Card Loading Systems” through various payment service providers’ platform or other channels for attractive returns and opportunities. 

In a notice served the public on the BoG’s Facebook page on February 17, 2021, such acts are criminal and liable to punishment because the Bank has not licensed any entities or individuals to transact such businesses.

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The notice said: “The invitation to members of the general public to deposit monies with the Money Doubling,” “Card Loading” and “Credit Card Loading Systems” amounts to deposit-taking under the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).”

“Under Act 930, only a corporate body licenced by the Bank of Ghana may carry out deposit-taking business.”

In addition, BoG stressed that it “has not licensed any entities or individuals engaged in ‘Money Doubling,’ ‘Card Loading’ and ‘Credit Card Loading Systems.” 

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“The said individuals and entities in question commit and offence and will be required to return all funds received.”

Bank of Ghana noted that such individuals and entities will in addition to aforementioned be liable upon summary conviction to a fine between 1500 to 5000 penalty units or term of imprisonment between two (2) to four (4) years per section 22 of Act 930.

The general public is also encouraged to desist from engaging unlicensed entities and individuals. They are to verify the licenses of the operators from BoG or appropriate authorities before engaging them.

Media outlets are also advised not to adcertise for such entities unless proven to be licensed by the BoG.

 

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