BoG cautions public against fraudulent “Worldremit” money doubling scheme

"Freedom Coin" not licensed to operate in Ghana--BoG

The Bank of Ghana (BoG) has warned the public against doing business with a fraudulent money doubling scheme operating in Ghana under the pseudo name “Worldremit”.

According to the central bank, this fraudulent scheme is distinct from the globally renowned Fintech, “WorldRemit” which is in the business of international fund transfers.

A statement released by the BoG explained that this fraudulent scheme encourages customers to select preferred packages, following which a code is generated by the fraudsters with which they obtain the WhatsApp accounts of their victims for spurious purposes.

“The scheme is fraudulent and does not reward investors as promised. The general public is cautioned against patronage of this and other similar unsanctioned schemes. Bank of Ghana states that it has not licensed any entities or individuals engaged in ‘Money Doubling’”.

As part of measures to halt such fraudulent acts the BoG advised the public to verify with the central bank  or other relevant authorities, the licensing status of persons or entities prior to depositing funds with them.

“Place deposits only with institutions licensed by Bank of Ghana, in order that they may be accorded the necessary protection offered under the applicable banking laws; andRefer to Bank of Ghana’s notice on ‘Money Doubling’ and ‘Card Loading systems’ titled NOTICE NO. BG/GOV/SEC/2020/12, which can be found on the Bank’s website:


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