The Chamber of Technology has strongly dismissed claims that over $10 billion in inward remittance transfers between 2019 and 2023 remain unaccounted for, with fintech firms being singled out.
The Chamber of Technology’s response follows recent media reports alleging that over $10 billion in inward remittance transfers remain unaccounted for.
In a statement issued on Friday, February 21, and signed by Andrews Tay, Coordinator of the Chamber of Technology described these claims as “misleading and potentially damaging to the financial ecosystem.”
The Chamber of Technology expressed the commitment of Ghana’s fintech sector to upholding the highest standards of compliance, security, and operational excellence.
It assured to remain open to discussions that promote the integrity and growth of the financial ecosystem.
“Our attention has been drawn to recent media reports alleging that over $10 billion in inward remittance transfers between 2019 and 2023 remain unaccounted for, with fintech firms being singled out.
As the representative body of licensed fintech companies in Ghana, we find these claims misleading
and potentially damaging to the financial ecosystem.
“Fintechs Operate Within a Regulated Framework Fintech firms licensed to process remittances operate under strict regulatory guidelines set by the Bank of Ghana (BoG). These companies submit monthly
transaction reports of inward remittances, which are reviewed to ensure transparency and compliance.
“Fintechs, like all other financial service providers, adhere to established reporting and reconciliation processes.”
Click to read the statement by The Chamber of Technology
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