The Bank of Ghana (BoG) has called on the general public to stop doing business with MMM Ghana.

The Central Bank said this is because MMM Ghana is “operating a Ponzi scheme” through a virtual office.

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“The institution’s operations are contrary to section 6(1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) and also threatens the safety and soundness of the financial system,” it added.

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It also added that the Bank of Ghana has not licensed it as a financial institution.

“The Bank of Ghana wishes to inform the general public that MMM Ghana is NOT LICENSED by the Bank of Ghana to engage in any form of deposit-taking activity, hence anyone who does business with MMM Ghana does so at his or her own risk,” BoG warned further.