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.
In a statement issued by the BoG it said that “the company, which claims to have over 10,000 clients, moves from place to place and mobilises deposits from the general public.”
“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.
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.