The Bank of Ghana (BoG) has rolled out a new regulatory framework to govern the registration and operations of International Money Transfer Operators (IMTOs), as part of efforts to tighten oversight of inward remittances, protect foreign exchange inflows and strengthen consumer protection.
The new Guidelines for the Registration and Operations of International Money Transfer Operators in Ghana come at a time when remittances continue to play a vital role in the economy, supporting household incomes, promoting financial inclusion and providing an important source of external financing.
According to the central bank, Ghana’s remittance landscape has evolved rapidly in recent years, with transactions increasingly moving from traditional banking channels to mobile money and other digital platforms.
This shift, the BoG says, has made a stronger regulatory regime necessary to safeguard public confidence and ensure the stability of the financial system.
Under the new rules, all inward remittance services into Ghana must be conducted through IMTOs registered with the Bank of Ghana and in partnership with licensed banks, payment service providers or other regulated financial institutions approved by the central bank.
The BoG said the framework is designed to enhance transparency, accountability and consumer protection, while ensuring strict compliance with anti-money laundering and counter-terrorism financing requirements.
All IMTOs seeking to operate in Ghana are now required to formally apply for registration with the Bank of Ghana and demonstrate that they are duly licensed or registered in their home jurisdictions.
Applicants must provide detailed information, including ownership structures, profiles of board members and management, internal control systems, transaction flow processes, consumer protection measures and evidence of cybersecurity and payment card compliance where applicable.
The central bank is expected to process complete applications within 90 days, but retains the discretion to reject applications that fall short of regulatory standards.
The guidelines clearly limit the activities of IMTOs to inward, person-to-person remittance services. Operators are prohibited from engaging in outbound transfers, deposit-taking, lending, foreign exchange trading, trade finance, or insurance and investment services, unless specifically authorised by the Bank of Ghana.
In addition, inward remittances are not allowed to be paid into corporate or business accounts, a restriction aimed at reducing the risk of misuse of remittance channels for commercial or illicit purposes.
As part of measures to strengthen foreign exchange management, the BoG has directed that all remittance settlements be made in Ghana cedis through designated settlement accounts held with universal banks.
Foreign currency inflows from remittances must be converted into cedis on the same day, using exchange rate benchmarks prescribed by the central bank. The BoG said this will improve transparency in FX flows and support exchange rate stability.
The guidelines impose stringent anti-money laundering, counter-terrorism financing and counter-proliferation financing obligations on IMTOs and their agents. These include Know-Your-Agent requirements, continuous transaction monitoring and the reporting of suspicious transactions within 24 hours.
IMTOs are also required to submit monthly prudential returns, quarterly fraud and cybercrime reports, and keep transaction records for a minimum of six years.
On consumer protection, IMTOs have been designated as the second level of complaint resolution, ensuring customers have access to redress beyond agent outlets. Operators must also issue electronic receipts for all transactions and ensure transparency in fees and exchange rates.
The Bank of Ghana has backed the new framework with enforcement powers, including administrative penalties, suspension and de-registration for non-compliance.
Existing IMTOs have been given three months from the publication of the guidelines to apply for approval under the new regime, while new entrants must meet all requirements before commencing operations.
The central bank said the measures are intended to strengthen trust in remittance flows, curb financial crime and ensure that remittance inflows continue to support Ghana’s economic resilience.