The Bank of Ghana (BoG) has introduced a comprehensive new regulatory framework for International Money Transfer Operators (IMTOs), significantly tightening oversight of how remittances are received and processed in the country.

The new Guidelines for the Registration and Operations of International Money Transfer Operators (IMTOs) in Ghana, issued in December 2025, are aimed at strengthening consumer protection, improving transparency and safeguarding the integrity of Ghana’s remittance ecosystem. The central bank said the rapid evolution of digital financial services makes a robust regulatory regime essential to maintaining public trust and financial stability.

A key element of the framework is the introduction of a strict 90-day licensing timeline. The BoG said it will either approve or reject an application within 90 days of receiving all required documentation. Applicants must already be licensed in their home jurisdictions and are required to disclose full details of their ownership and shareholder structures. Once issued, an IMTO licence cannot be transferred to another entity.

Under the new rules, the scope of IMTO operations has been significantly narrowed. Registered operators are limited strictly to inward, person-to-person remittance services. They are prohibited from undertaking outbound international transfers, accepting deposits, providing loans, trading in foreign exchange or terminating remittances into business or corporate accounts.

The guidelines further require that all inward remittances be settled in Ghana cedis through a designated bank account, using the Average Opening Bloomberg USD/GHS exchange rate on the day the funds are received.

IMTOs and their agents are also mandated to collect detailed transaction data, including the purpose of transfers and the gender of beneficiaries, and to retain records for a minimum of six years. Monthly electronic data returns must be submitted by the ninth working day of the following month, while suspicious transaction reports are to be filed within 24 hours.

Although IMTOs are required to operate through approved agent banks, they remain fully responsible for ensuring their agents’ compliance. All agency relationships must be governed by formal Service Level Agreements (SLAs), and IMTOs are expected to actively monitor agents for adherence to anti-money laundering and counter-terrorism financing regulations.

The BoG warned that breaches of the guidelines will attract sanctions ranging from financial penalties, including an administrative fine of no fewer than 1,000 penalty units for unauthorised material changes, to suspension or deregistration.

Existing IMTOs have been granted a three-month transition period to fully comply with the new requirements.

The central bank said the new framework is intended to formalise the multi-billion-dollar remittance sector, improve transparency and reduce financial risks, representing a major shift in Ghana’s approach to regulating cross-border money flows.