Latest update February 23rd, 2025 1:40 PM
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BOG warns against use of unregulated pre-paid VISA Cards
…cites risk of money laundering
Kaieteur News- The Bank of Guyana (BOG) has issued a cautionary statement regarding the increasing number of digital pre-paid VISA cards being offered by unregulated businesses.
BOG warns against use of unregulated pre-paid VISA Cards
According to a public notice, published in the Saturday, February 22, 2025 edition of the Kaieteur News, Governor of the Bank, Dr. Gobind N. Ganga said the cards, which are not subject to the oversight of the BOG, like those issued by local commercial banks, may pose risks to consumers who use them.
As a result, the BOG said customers who choose to use the pre-paid online services do so at their own risk.
“Therefore, before engaging in any offering of these pre-paid online services, the public is strongly advised: Ensure that the operators are legally registered business in Guyana, understand the risk involved and what options are available for recues if needed and be aware of all charges applicable to acquiring and using these offerings,” the governor advised.
Additionally, Dr. Ganga said that “resellers of these types of cards should be aware that they can be used by money launderers and take all necessary precautions to safeguard themselves.”
(BOG warns against use of unregulated pre-paid VISA Cards)
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