The Bank of Ghana (BoG) has introduced a new regulatory framework for the registration and operations of International Money Transfer Operators (IMTOs), a move aimed at strengthening oversight of inward remittances, safeguarding foreign exchange inflows, and enhancing consumer protection.
The Guidelines for the Registration and Operations of International Money Transfer Operators (IMTOs) in Ghana, come at a time when remittances remain a critical pillar of Ghana’s economy—supporting household livelihoods, deepening financial inclusion, and providing a steady source of external financing.
A growing sector under tighter scrutiny
As Ghana’s remittance ecosystem rapidly shifts from traditional banking channels to mobile money platforms and digital financial services, the central bank says a stronger regulatory framework has become necessary to preserve public trust and financial system stability.
Under the new guidelines, all entities facilitating inward remittances into Ghana must operate through a Bank of Ghana–registered IMTO, working in partnership with licensed banks, payment service providers, or other regulated financial institutions approved by the central bank.
The BoG says the rules are designed to promote transparency, accountability, consumer protection, and strict compliance with anti-money laundering and counter-terrorism financing standards.
Mandatory registration and stricter entry requirements
IMTOs seeking to operate in Ghana are now required to formally apply for registration with the Bank of Ghana and demonstrate that they are already licensed or registered in their home jurisdictions.
Applicants must submit extensive documentation, including ownership structures, board and management profiles, internal control systems, transaction flow diagrams, consumer protection mechanisms, and evidence of cybersecurity and payment card compliance where applicable. The Bank of Ghana is required to process complete applications within 90 days, reserving the right to reject applications that do not meet regulatory standards.
Clear limits on what IMTOs can—and cannot—do
The guidelines sharply define the scope of IMTO activities, restricting operators strictly to inward, person-to-person remittance services. IMTOs are prohibited from conducting outbound transfers, deposit-taking, lending, forex trading, trade finance, or providing insurance and investment services unless expressly authorised by the Bank of Ghana.
Notably, inward remittances are not permitted to be paid into corporate or business accounts, a measure analysts say could help limit misuse of remittance channels for commercial or illicit transactions.
Local currency settlement and FX controls
In a move with implications for foreign exchange management, the BoG has directed that all remittance settlements be conducted in Ghana cedis, using designated settlement accounts held with universal banks.
Foreign currency inflows from remittances must be converted into cedis on the same day, using BoG-prescribed exchange rate benchmarks. The central bank says this will help strengthen transparency in FX flows and support exchange rate stability.
Tough AML, reporting, and consumer protection rules
The guidelines impose robust Anti-Money Laundering, Counter-Terrorism Financing, and Counter-Proliferation Financing (AML/CFT/CPF) obligations on IMTOs and their agents, including Know-Your-Agent requirements, transaction monitoring, and prompt reporting of suspicious transactions within 24 hours.
IMTOs must also submit monthly prudential returns, quarterly fraud and cybercrime reports, and maintain transaction records for at least six years.
On consumer protection, IMTOs are designated as the second level of complaint resolution, ensuring customers have recourse beyond agent outlets. Operators are also required to issue electronic receipts for every transaction and ensure transparency in fees and exchange rates.
Sanctions and transition timeline
The Bank of Ghana has backed the new framework with strong enforcement powers, including administrative penalties, suspension from remittance services, and outright de-registration for non-compliance .
Existing IMTOs operating in Ghana 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.
Strengthening trust in remittance flows
By tightening controls around who can operate, how funds are settled, and how risks are managed, the central bank says the new rules will help protect consumers, curb financial crime, and ensure remittance inflows continue to support Ghana’s economic resilience.
For a sector that channels billions of dollars into the economy each year, the message from the Bank of Ghana is clear: growth must now go hand-in-hand with stronger regulation and accountability.
