The Bank of Ghana (BoG) has introduced a new regulatory framework governing the registration and operations of International Money Transfer Operators (IMTOs) as part of efforts to strengthen oversight of inward remittances, protect foreign exchange inflows, and enhance consumer protection.

The new Guidelines for the Registration and Operations of International Money Transfer Operators (IMTOs) in Ghana come at a time when remittances continue to play a vital role in the economy by supporting household incomes, promoting financial inclusion, and providing a reliable source of external financing.

Growing sector under closer supervision


With Ghana’s remittance landscape increasingly shifting from traditional banking channels to mobile money and digital platforms, the central bank says enhanced regulation has become necessary to safeguard public confidence and maintain financial system stability.

Under the guidelines, all inward remittance services into Ghana must be conducted through IMTOs registered with the Bank of Ghana and operated in partnership with licensed banks, payment service providers, or other BoG-approved financial institutions.

The central bank says the framework is aimed at improving transparency, accountability, consumer protection, and compliance with anti-money laundering and counter-terrorism financing standards.

Mandatory registration and tougher entry rules


All IMTOs seeking to operate in Ghana are now required to apply formally for registration with the Bank of Ghana and prove that they are licensed or registered in their countries of origin.

Applicants must submit detailed documentation, including ownership and governance structures, board and management profiles, internal control systems, transaction flow processes, consumer protection arrangements, and evidence of cybersecurity safeguards. Where applicable, compliance with payment card standards is also required.

The Bank of Ghana is expected to process complete applications within 90 days, but reserves the right to reject applications that fall short of regulatory requirements.

Clearly defined operational limits


The guidelines strictly limit IMTO activities 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, remittance proceeds are not allowed to be paid into corporate or business accounts, a restriction intended to prevent the misuse of remittance channels for commercial or illicit activities.

Local currency settlement and FX management


To strengthen foreign exchange oversight, the Bank of Ghana 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 says this measure will enhance transparency in foreign exchange flows and support exchange rate stability.

Strong AML and consumer protection measures


The framework imposes stringent Anti-Money Laundering, Counter-Terrorism Financing, and Counter-Proliferation Financing (AML/CFT/CPF) 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 retain 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 avenues for redress beyond agent outlets. Operators must issue electronic receipts for all transactions and clearly disclose fees and exchange rates.

Enforcement and transition period


The Bank of Ghana has backed the new rules with strong enforcement powers, including administrative penalties, suspension from remittance operations, and de-registration for persistent 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 comply fully before commencing operations.

Boosting confidence in remittance flows


The central bank says the reforms are intended to protect consumers, reduce financial crime risks, and ensure remittance inflows continue to support Ghana’s economic resilience.

As remittances channel billions of dollars into the economy annually, the Bank of Ghana has signalled that future growth in the sector must be matched with stronger regulation, accountability, and risk management.