By: Franklin ASARE-DONKOH
Ghana’s central bank, the Bank of Ghana (BoG), has introduced a new regulatory framework governing the registration and operations of International Money Transfer Operators (IMTOs) in the country.
The move, according to the bank, is aimed at tightening oversight of inward remittances, safeguarding foreign exchange inflows, and strengthening consumer protection.
Under the new rules, all entities facilitating inward remittances must operate through a Bank of Ghana–registered IMTO in partnership with licensed banks, payment service providers, or other regulated financial institutions.
The BoG says the framework is designed to improve transparency, accountability, and compliance with anti-money laundering and counter-terrorism financing standards.
Any IMTO seeking to operate in Ghana must now formally register with the BoG and prove that it is licensed or regulated in its home country.
Applicants are required to submit detailed documentation, including ownership structures, governance arrangements, internal controls, consumer protection mechanisms, and cybersecurity compliance disclosures.
Going forward, the central bank will process complete applications within 90 days but reserves the right to refuse approval where regulatory standards are not met.
The guidelines clearly define the scope of permissible activities. IMTOs are restricted to inward, person-to-person remittances only and are barred from engaging in outbound transfers, deposit-taking, lending, foreign exchange trading, trade finance, or offering insurance or investment services unless specifically authorised.
Inward remittances may also not be paid into business or corporate accounts, a measure expected to help curb the misuse of remittance channels for commercial or illicit purposes.
The BoG has further directed that all remittance settlements be conducted in Ghana cedis using designated settlement accounts held with universal banks. Foreign currency inflows must be converted into cedis on the same day, using exchange-rate benchmarks prescribed by the central bank. The measure is expected to improve transparency in foreign exchange flows and support exchange-rate stability.
Under the framework, IMTOs must comply with strict Anti-Money Laundering, Counter-Terrorism, and Counter-Proliferation Financing (AML/CFT/CPF) rules, including Know-Your-Agent requirements, transaction monitoring, and the reporting of suspicious transactions within 24 hours. Operators are additionally required to submit monthly prudential returns, quarterly fraud and cyber-risk reports, and keep transaction records for at least six years.
For consumer protection, IMTOs are designated as the second level of complaint resolution, ensuring customers have recourse beyond agent outlets. Operators must also issue electronic receipts and provide full disclosure of charges and exchange rates.
The BoG has backed the new framework with strong enforcement provisions, including administrative penalties, suspension from operations, and deregistration for non-compliance. Existing IMTOs have been given three months from the publication of the guidelines to regularise their operations, while new applicants are required to comply fully before commencing business.
