Bank of Ghana rolls out new directives for international money transfer operators

The Bank of Ghana (BoG) has introduced comprehensive new regulations for International Money Transfer Operators (IMTOs) to enhance oversight, protect consumers and safeguard the integrity of the country’s remittance sector.

The guidelines for the registration and operations of International Money Transfer Operators (IMTOs) in Ghana, issued last month, establish a stricter licensing and operational framework for all entities involved in terminating inward remittances, including IMTOs, banks and payment service providers.

Describing remittances as a vital pillar of Ghana’s socio-economic development, the central bank said the fast-evolving digital landscape required a robust regulatory regime to maintain public confidence and financial stability.

Under the new rules, prospective IMTOs must already hold a valid licence in their home jurisdiction and submit detailed applications to the BoG, including shareholder structures, profiles of ultimate beneficial owners and evidence of strong internal controls.

A statement issued by the bank and sighted by the Daily Graphic stated that the bank would approve or reject complete applications within 90 days. Once granted, registration status is non-transferable.

Inward remittances

Operationally, registered IMTOs are restricted to facilitating only inward person-to-person remittances.

They are expressly prohibited from conducting outbound international transfers, accepting deposits, extending loans or engaging in foreign exchange trading.

In a significant policy shift, inward remittances may no longer be paid into business or corporate accounts; payouts must be made exclusively to individual beneficiaries.

All transactions must be settled in Ghana Cedis through a designated bank account, with conversions based on the Average Opening Bloomberg USD/GHS Regional (REGN) bid-ask range—or the equivalent currency pair rate—on the day the funds are received, for same-day processing.

The guidelines also impose rigorous compliance requirements. IMTOs and their agents must capture detailed transaction information, including the purpose of the transfer and the beneficiary’s gender, and retain records for a minimum of six years.

Monthly data returns are due by the ninth working day of the following month, while suspicious transactions must be reported within 24 hours.

Approved banks

The statement further stated that IMTOs are required to work through approved agent banks or payment service providers under formal Service Level Agreements (SLAs).

Ultimate responsibility for compliance, including anti-money laundering, counter-terrorist financing and counter-proliferation financing measures, rests with the IMTOs, which must actively monitor their agents.

Non-compliance attracts severe penalties, ranging from administrative fines starting at no less than 1,000 penalty units for unauthorised material changes to suspension or outright de-registration.

Existing operators have been granted a three-month transitional period to bring their operations into full compliance with the new regime.

The guidelines are expected to formalise partnerships across the remittance ecosystem and strengthen Ghana’s defences against financial crime, while supporting the continued growth of a critical source of foreign exchange.