The Bank of Ghana has warned the public against the practice of ‘money doubling’, “Card Loading” and “Credit Card Loading Systems”. This according to the Central Bank is illegal and punishable by a fine or imprisonment. The warning by the Bank of Ghana comes in the wake of recent concerns of fraud associated with online transactions. Investigations have begun to unravel the circumstances leading to an electronic fraud incident in Uganda in which unidentified hackers broke into the systems of Pegasus Technologies, a company that integrates mobile money transactions between telcos, banks, and other local, regional, and international money transfer services, making off with a yet to be known sum, but said to be in billions of Shillings according to the East Africa Magazine.

Ghana’s banking regulator in its statement asked the public to desist from depositing monies with  “Money Doubling”, “Card Loading” and “Credit Card Loading Systems” through various payment service providers’ platforms or other channels, in return for attractive returns or opportunities.

See below a statement from the Central bank

Bank of Ghana statement