The Bank of Ghana (BoG) has introduced new operational guidelines for International Money Transfer Operators (IMTOs) as part of efforts to tighten oversight of inward remittances, protect foreign exchange inflows, and strengthen consumer protection in the country. The move comes at a time when remittances continue to play a critical role in Ghana’s economy, supporting millions of households, improving financial inclusion, and providing a steady source of external financing.
According to the central bank, the Guidelines for the Registration and Operations of International Money Transfer Operators in Ghana are designed to respond to changes in the remittance landscape, especially the growing shift from traditional bank-based transfers to mobile money platforms and digital financial services. The BoG said stronger regulatory controls are needed to maintain public confidence, protect consumers, and ensure the stability of the financial system as the volume and channels of remittance inflows continue to expand.
Data from the Bank of Ghana and the World Bank show that remittance inflows into Ghana run into several billions of dollars annually, making them one of the country’s most important sources of foreign exchange, alongside exports and foreign direct investment. Many families depend on funds sent home by relatives abroad to pay for food, rent, school fees, healthcare, and small business activities. Against this background, the central bank said it is important to ensure that remittance channels are well regulated and not abused for illicit activities.
Under the new guidelines, all entities involved in facilitating inward remittances into Ghana must operate through an IMTO that is registered with the Bank of Ghana. These IMTOs must also work in partnership with licensed banks, payment service providers, or other regulated financial institutions approved by the central bank. The BoG explained that this structure is meant to improve transparency, accountability, and compliance with international standards on anti-money laundering and counter-terrorism financing.
The guidelines state that any IMTO seeking to operate in Ghana must formally apply to the Bank of Ghana and show evidence that it is licensed or properly regulated in its home country. Applicants are required to submit detailed information, including their ownership structure, board and management details, governance arrangements, internal control systems, consumer protection policies, and cybersecurity frameworks. The central bank said it will process complete applications within 90 days but reserves the right to reject any application that does not meet the required regulatory standards.
The new framework clearly limits the scope of activities allowed for IMTOs. According to the BoG, IMTOs are only permitted to handle inward, person-to-person remittances. They are not allowed to engage in outbound money transfers, accept deposits, offer loans, trade in foreign exchange, provide trade finance services, or sell insurance and investment products unless they receive specific approval from the central bank. In addition, inward remittances must not be paid into business or corporate accounts. This measure, the BoG said, is aimed at preventing the misuse of remittance channels for commercial transactions or illegal activities.
In another major change, the Bank of Ghana directed that all remittance settlements must be carried out in Ghana cedis through designated settlement accounts held with universal banks. Any foreign currency received must be converted into cedis on the same day using exchange rates set or approved by the central bank. The BoG said this policy will help improve visibility over foreign exchange inflows, reduce leakages, and support exchange rate stability in the domestic market.
On compliance, the guidelines impose strict Anti-Money Laundering, Counter-Terrorism Financing and Counter-Proliferation Financing requirements on IMTOs. These include Know-Your-Agent rules, real-time transaction monitoring, and the mandatory reporting of suspicious transactions within 24 hours. IMTOs are also required to submit monthly prudential returns, quarterly reports on fraud and cyber risks, and keep detailed transaction records for a minimum of six years.
Consumer protection is another key focus of the new rules. The Bank of Ghana designated IMTOs as the second level of complaint resolution, meaning customers can escalate complaints beyond agent locations if issues are not resolved. Operators are also required to issue electronic receipts for all transactions and provide clear information on fees, charges, and exchange rates before transfers are completed.
To ensure compliance, the central bank backed the guidelines with strong enforcement measures. These include administrative penalties, suspension of operations, and possible deregistration for IMTOs that fail to comply with the rules. Existing IMTOs have been given a three-month window from the date of publication of the guidelines to regularise their operations, while new entrants must meet all requirements before starting business in Ghana.
Financial analysts say the new guidelines reflect the Bank of Ghana’s determination to strengthen regulation as remittance flows grow and technology-driven financial services expand. While some operators may face higher compliance costs, the reforms are expected to improve confidence in Ghana’s remittance system, protect consumers, and safeguard the country’s foreign exchange inflows in the long term.
