Operators have a three-month transitional period
The Bank of Ghana has introduced a stringent new regulatory framework for all International Money Transfer Operators (IMTOs), fundamentally reshaping how remittances flow into the country.
The comprehensive “Guidelines for the Registration and Operations of International Money Transfer Operators (IMTOs) in Ghana,” issued in December 2025, establishes rigorous oversight to strengthen consumer protection and financial integrity in the vital remittance sector.
According to the BoG, the evolving digital landscape demands a “robust regulatory framework” to uphold public trust and safeguard stability.
A key feature of the new regime is a strict 90-day licensing process for operators.
The BoG pledged to refuse or grant a licence within 90 days of receiving a complete submission.
Applicants must already hold a licence in their home country and disclose detailed shareholder and ownership structures to the BoG. Critically, the granted registration status “cannot be transferred” to another entity.
The guidelines also impose significant limitations. Registered IMTOs are now “strictly confined to providing inward, person-to-person remittances only.”
They are also explicitly prohibited from conducting outbound international transfers, taking deposits, or engaging in lending, trading foreign exchange, or terminating remittances into business or corporate accounts.
The BoG also mandated that all inward transactions must be settled in Ghana cedis through a designated bank account, using the Average Opening Bloomberg USD/GHS exchange rate on the day the transfer is received.
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IMTOs and their agents are also required to collect detailed data, including the purpose of each transfer and beneficiary gender, and maintain records for at least six years.
They must submit electronic data returns monthly by the 9th working day of the following month and file suspicious transaction reports within 24 hours.
While IMTOs must operate through approved agent banks, they bear ultimate responsibility for their agents’ compliance. All partnerships now require a formal Service Level Agreement (SLA), with IMTOs mandated to actively monitor their agents for adherence to anti-money laundering rules.
Sanctions for violations range from fines, including an administrative penalty of not less than 1,000 penalty units for unauthorised material changes, to suspension and deregistration.
Existing operators have been given a three-month transitional period to fully align their operations with the new requirements.
By confining IMTOs to a tightly controlled inward remittance corridor, the Bank of Ghana aims to formalise the multi-billion-dollar sector, enhance transparency, and mitigate financial risks, marking a significant shift in the country’s approach to cross-border money flows.
ID/BAI
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