Scam alert: World Remit money doubling scheme is fake– Bank of Ghana issues stern warning to the general public

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The Bank of Ghana (BoG) has issued a disclaimer warning the general public never to have anything to do with the so-called WorldRemit money doubling scheme.

BoG said in a statement issued on Thursday, 14 October 2021, that the fraudulent copy of the fintech “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 central bank warned. It cautioned the general public against patronising “this and other similar unsanctioned schemes”. The “Bank of Ghana states that it has not licensed any entities or individuals engaged in ‘money doubling’”.

The general public is, therefore, advised to take note as follows:

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i.                     Verify with Bank of Ghana or other relevant authorities, the licensing status of persons or entities prior to depositing funds with them;

ii.                   ii. 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; and

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iii.                 iii. Refer 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:

“The Bank cautions the public not to participate in this illegal and fraudulent activity to avoid loss of funds”, adding: “Any individual or entity that participates in such or similar schemes does so at their own peril”.

“The public is advised to report such activities to Bank of Ghana at the Financial Stability Department, Bank of Ghana, 1 Thorpe Road, P. O. Box 2674, Accra, Ghana or call the following numbers: 030 266 5005; 059 691 2354; 050 150 2270 or send an email to”.


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