Collins Sefa The Bank of Ghana (BoG) has introduced comprehensive new regulations to govern the registration and operations of International Money Transfer Operators (IMTOs), reinforcing oversight of remittance flows into the country and strengthening consumer protection within the sector.
The new framework, titled “Guidelines for the Registration and Operations of International Money Transfer Operators (IMTOs) in Ghana,” was issued in December 2025 and applies to all IMTOs, banks, payment service providers and institutions authorised to terminate inward remittances.
According to the central bank, remittances remain a “vital pillar of Ghana’s socio-economic development,” but the rapid evolution of digital financial services requires a stronger regulatory architecture to preserve public confidence and safeguard financial stability.
Stricter Licensing and Registration Requirements
Under the new regime, all IMTOs must undergo a rigorous licensing process before operating in Ghana. Applicants are required to be duly licensed in their home jurisdictions and submit detailed documentation to the Bank of Ghana, including ownership structures, profiles of ultimate beneficial owners, governance arrangements and internal control systems.
The central bank said it will approve or reject applications within 90 days of receiving a complete submission. It also clarified that IMTO registrations are non-transferable, preventing operators from selling or assigning their licences to third parties.
Limits on Scope of Operations
The guidelines strictly limit IMTOs to inward, person-to-person remittance services only. Operators are expressly prohibited from engaging in outbound transfers, deposit-taking, lending, foreign exchange trading or any other financial activity outside remittance termination.
In a significant policy shift, the Bank of Ghana has also barred IMTOs from terminating inward remittances into business or corporate accounts. All remittance payouts must now be made exclusively to individuals.
Mandatory Cedi Settlement and Exchange Rate Rules
All inward remittance transactions must be settled in Ghana cedis through designated settlement bank accounts. The exchange rate applied must be based on the Average Opening Bloomberg USD/GHS Regional (REGN) bid–ask range, or the applicable currency pair rate on the day the transfer is received for same-day conversion.
The central bank said this measure is aimed at improving transparency, standardising pricing and reducing market distortions in the foreign exchange space.
Enhanced Compliance and Reporting Obligations
Compliance requirements under the new guidelines are extensive. IMTOs and their agents must collect detailed transaction data, including the purpose of transfer and beneficiary gender, and retain records for a minimum of six years.
Monthly electronic transaction reports must be submitted to the Bank of Ghana by the ninth working day of the following month, while suspicious transaction reports must be filed within 24 hours in line with anti-money laundering and counter-terrorism financing obligations.
Clear Accountability for Agents
While IMTOs are required to operate through approved agent banks or payment service providers, the guidelines place full responsibility for compliance squarely on the IMTOs themselves.
All agent relationships must be governed by formal Service Level Agreements (SLAs), and IMTOs are expected to actively monitor their agents’ compliance with AML, CFT and CPF requirements.
“The operations of an IMTO and their agents shall be guided by a Service Level Agreement specifying the terms and conditions of the partnership,” the guidelines state.
Penalties and Transition Period
Sanctions for breaches are severe, ranging from administrative fines — including penalties of not less than 1,000 penalty units for unauthorised material changes — to suspension or outright de-registration.
Existing operators have been granted a three-month transition period from the date of publication to fully align their operations with the new regulatory requirements.
The Bank of Ghana said the measures are designed to sanitise the remittance ecosystem, strengthen governance and ensure that the sector continues to support economic development without undermining financial system integrity.
