Police warns public on money transfer companies

The Police Criminal Investigations Department (CID) on Friday warned the public to be wary of organisations and individuals involved in money transfers within and outside the country.

This is because most of these organisations were not licensed and properly regulated by the Bank of Ghana and could in effect defraud members of the public.

A statement issued to the Ghana News Agency (GNA) and signed by Mr Patrick Kwesi Acheampong, Director of the CID, said: "Any person dealing with them is embarking on highly risky venture."

He said in order to protect the public the Police CID on Friday invited a number of firms including 'Family Spirit Company' and 'Homeservers' to begin investigations into their transactions.

Meanwhile the Bank of Ghana had at the moment, authorised the following companies to operate cash transfers.

They are: PVI Finance Company, Telecash Financial Services, Express Funds International Limited, Trans-Continental Financial Services and Ist African Financial Services Limited.

The statement however indicated that traditional commercial banks operations in money transfers in varied and extensive forms were not affected by this police alert information.