Ghana’s central bank has introduced new guidelines governing the registration and operations of International Money Transfer Operators (IMTOs), tightening oversight of a sector seen as critical to household incomes, financial inclusion and foreign exchange stability.
The Bank of Ghana said remittances remain a vital pillar of the country’s socio-economic development, providing a key source of external financing and supporting millions of households. As remittance flows increasingly move through digital platforms and mobile money services, regulators said stronger safeguards were needed to protect consumers and preserve confidence in the financial system.
Under the new framework, all IMTOs facilitating inward remittances to Ghana must register with the central bank and operate only through approved partnerships with banks, payment service providers or other licensed financial institutions.
The guidelines are issued under the Bank of Ghana Act, the Foreign Exchange Act and the Payment Systems and Services Act, and set out the legal basis, operational scope and compliance requirements for IMTOs.
Registration and oversight
To qualify for registration, an IMTO must be licensed in its home country and submit detailed documentation, including ownership structures, board and management profiles, internal controls, transaction flow diagrams and consumer protection mechanisms.
Applications will be assessed within 90 days, with the central bank reserving the right to request additional information or engage third parties during the review process. Registration status is non-transferable, and agents are barred from partnering with unregistered IMTOs.
The Bank of Ghana may suspend or revoke registration in cases of non-compliance, insolvency, false disclosures or any development deemed to pose risks to financial stability or consumer interests.
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Permitted activities
Registered IMTOs will be limited strictly to inward remittance services. Funds received from abroad must be settled in local currency and made available to beneficiaries through authorised channels such as bank accounts, mobile wallets or approved cash payout points.
Outbound transfers, deposit-taking, lending, foreign exchange trading and trade finance activities are explicitly prohibited. IMTOs are also barred from holding client funds, maintaining deposit accounts or terminating remittances into corporate or business accounts.
Consumer protection and compliance
The framework imposes minimum standards on anti-money laundering, counter-terrorism financing and counter-proliferation financing, requiring IMTOs to comply with Ghanaian laws as well as regulations in their home jurisdictions.
Operators must maintain detailed transaction records, issue electronic receipts to customers and submit regular prudential returns to the central bank, including monthly data reports, suspicious transaction reports and quarterly fraud and cybercrime disclosures.
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IMTOs are also required to provide second-level complaint resolution in line with consumer protection rules, while ensuring transparency on fees, exchange rates and service conditions.
Agent partnerships
IMTOs must conduct their business through approved agents — including banks, specialised deposit-taking institutions and payment service providers — under formal service-level agreements that define roles, compliance obligations, data protection standards and dispute resolution procedures.
Agents are prohibited from charging beneficiaries fees beyond those agreed with senders at the point of transaction.
Operators already active in Ghana before the guidelines take effect will be allowed to continue temporarily but must apply for approval within three months of publication. The central bank said it may issue interim directives during the transition to ensure continuity of oversight.
The Bank of Ghana said the measures aim to promote a fair, transparent and competitive remittance market, while safeguarding foreign exchange integrity and strengthening the resilience of Ghana’s financial system.
