Stop giving 'money doublers' your platforms - BoG to media houses

The Bank of Ghana has urged the media not to allow illegal money doublers and credit card loading schemers on their platforms.

The bank noted that no entity has been licensed to engage in such businesses in the country.

The broadcast of the activities of money doublers and credit card loaders have been on the rise over the past year with many broadcasts on digital television platforms.

The broadcasts usually operate in a similar format with a fetish priest or Mallam and an assistant offering the promise to double a sum while deposit numbers scroll on the screen.

In a statement, the BoG explained that "the Bank of Ghana wishes to notify all media outlets including radio, television and online channels NOT to permit the advertisement of “Money Doubling” and “Card Loading” or “Credit Card Loading Systems” on their platforms. The media is encouraged to verify the licensing status of such entities with Bank of Ghana, before advertising their products and services."

According to the central bank, individuals who engage in the act commit an offence and will be required to return all funds received.

"By this notice, the Bank of Ghana informs the general public that the Bank has not licensed any entities or individuals engaged in “Money Doubling”, Card Loading” and “Credit Card Loading Systems”. The said individuals and entities in question, commit an offence and will be required to return all funds received."

"The general public is encouraged not to engage in such activities and to report such illegal activities to the Bank of Ghana..."

The Bank of Ghana also warned the public against engaging the services of the money doublers and credit card loading systems who advertise their services on traditional and social media platforms.