Black Stars new sponsor Mara is not licensed - BoG, SEC warn

The Bank of Ghana(BoG) and the Security and Exchange Commission (SEC) have warned the general public that new Black Stars sponsor Mara is not a licensed non-bank financial institution.

Mara describes itself as Africa’s ultimate digital finance ecosystem, empowering Africans’ dreams by leveraging block chain to transform the social and economic future of African communities, countries and the continent.

With digital finance, Web3, and block chain education as its focal point, Mara is set to train one million people and impact one billion lives in five years.

The Ghana Football Association(GFA) on September 9th, 2022, announced Mara as new sponsors of the Black Stars for the 2022 FIFA World Cup.

"Through this first-of-its-kind partnership in Ghana, Mara will be creating close connections with football lovers across Africa and beyond in unique and compelling ways; welcoming them into a community where they can ignite their passion for creating digital wealth, grab hold of numerous digital finance opportunities and enjoy financial empowerment."the GFA announced at the time

Speaking at the event, GFA President, Kurt Edwin Simeon-Okraku expressed joy over the lucrative sponsorship deal with Mara and shared why the partnership is a perfect fit. According to President Simeon-Okraku, “Digital assets being digital means of exchange have come to stay all over the world. We are delighted that the pairing of Mara and GFA with this commercial relationship has been realized, as such partnerships have become increasingly common in sports worldwide.”

Chi Nnadi, co-founder and CEO at Mara also had this to say while commenting on the partnership at the GFA Headquarters in Accra during the event.

“The passion and excitement for football has the power to offer hope and unify Africans across the continent and beyond in a truly remarkable way, regardless of background, or socio-economic status,”

The Bank of Ghana is by law empowered to license, regulate, and supervise all banking and non-banking business activities in Ghana. In particular reference to cryptocurrencies the central Bank issued “Notice Number BG/GOV/SEC/2018/02 in which it highlighted recent developments in the use, holding, and trading of virtual or digital currencies (also known as cryptocurrencies), such as Bitcoin in Ghana. The Bank of Ghana notified the general public that these activities in digital currency were not licensed under the Payments System Act 2003 (Act 662).

“Further to the Bank of Ghana Notice the Securities and Exchange Commission (SEC) by Notice Number SEC/PN/003/03/2019 dated 29th March 2019 also drew the attention of the general public and investors to the fast growing interest in the issue, investment and trading in cryptocurrencies in Ghana.

“The above-mentioned activities offered by unregistered and unlicensed entities on digital on-line trading platforms with promises of high returns on investment are not sanctioned nor registered by the SEC. The SEC stated that it had not regulated these types of products, offerings and their accompanying on-line trading platforms or Exchanges.”

“They [MARA] are not licensed in Ghana, and should not be advertising their services,” the bank said.