Monidoubla unlicensed to take deposits - BoG

The Central Bank has warned that the deposit-taking activity of an entity called Monidoubla has not been approved by the Bank of Ghana.

In a statement issued on Thursday, 24 August and signed by Mrs Caroline Otoo, the BoG’s Secretary, the Central Bank said: “From our investigations, MONIDOUBLA operates an online financial scheme using mobile platforms as a medium to transact its operations.

“Funds are mobilised and paid to its members via mobile money platforms, and monies lodged with the entity are said to be doubled over a period.

“The entity’s operations are contrary to section 6(1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).”

The Central Bank has, therefore, warned the 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/her own risk.”