Bank of Ghana tightens grip on International money transfer operators
The Guidelines for the Registration and Operations of International Money Transfer Operators in Ghana place the fast-growing remittance industry under a much more prescriptive supervisory regime at a time when billions of dollars are being channelled through mobile money and digital platforms
Ghana’s central bank has unveiled a new rulebook for international money transfer operators (IMTOs), in a bid to tighten control over inward remittances, protect consumers and better manage foreign exchange flows.
The Guidelines for the Registration and Operations of International Money Transfer Operators in Ghana place the fast-growing remittance industry under a much more prescriptive supervisory regime at a time when billions of dollars are being channelled through mobile money and digital platforms rather than traditional banking halls.
Under the framework, any firm that facilitates inward remittances into Ghana must operate as, or through, a Bank of Ghana–registered IMTO and partner only with licensed banks, payment service providers or other BoG-regulated financial institutions.
Prospective IMTOs must:
Apply formally to the Bank of Ghana;
Show proof of licensing or registration in their home jurisdiction; and
Submit detailed information on ownership, governance, internal controls, transaction flows, consumer protection arrangements and, where relevant, cybersecurity and card-scheme compliance.
The central bank has set itself a 90-day window to process complete applications but retains full discretion to decline applications that fall short of its prudential or integrity standards.
The guidelines sharply ring-fence what IMTOs are allowed to do in Ghana. Their mandate is limited to inbound, person-to-person remittances. They are explicitly barred from:
Outbound transfers;
Deposit-taking or lending;
Foreign exchange trading or trade finance; and
Insurance or investment services, unless specifically cleared by the Bank of Ghana.
In another restrictive measure, inward remittances may not be credited to corporate or business accounts. Regulators see this as a control to prevent the use of retail remittance channels for commercial or illicit activity.
All settlements must be done in Ghana cedis through designated settlement accounts with universal banks.
Foreign currency proceeds from remittances are to be converted into cedis on the same day, using exchange rate benchmarks prescribed by the Bank of Ghana. The central bank says this is intended to improve visibility over FX inflows and support exchange rate management.
The regime places heavy emphasis on Anti-Money Laundering, Counter-Terrorism and Counter-Proliferation Financing (AML/CFT/CPF) compliance. IMTOs and their agents must:
Conduct due diligence on agents;
Monitor transactions and flag unusual activity; and
File suspicious transaction reports within 24 hours.
They are also required to:
File monthly prudential returns;
Submit quarterly fraud and cybercrime reports; and
Keep transaction records for a minimum of six years.
On the customer side, IMTOs will function as the second tier in the complaints process, giving users an escalation channel beyond frontline agents. Operators must issue an electronic receipt for every transfer and clearly disclose fees and exchange rates.
The Bank of Ghana has backed the new rules with significant enforcement tools, ranging from administrative penalties to suspension from remittance business and full de-registration for persistent or serious breaches.
Existing IMTOs have three months from publication of the guidelines to regularise their operations under the new framework. New entrants must be fully compliant before commencing business.
The central bank argues that the overhaul will deepen trust in remittance channels, curb financial crime and ensure that remittance inflows continue to underpin household welfare and macroeconomic resilience, but now under a more disciplined and transparent regulatory architecture.
