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The Bank of Ghana (BoG) has issued new guidelines to govern the registration and operations of International Money Transfer Operators (IMTOs) in Ghana as part of measures to strengthen regulatory oversight and enhance transparency in the remittance market.
The guidelines were issued pursuant to Section 4(1)(e) of the Bank of Ghana Act, 2002 (Act 612) as amended, Section 2(3) of the Foreign Exchange Act, 2006 (Act 723), and Section 101(2)(i) of the Payment Systems and Services Act, 2019 (Act 987).
According to the Central Bank, the framework applies to IMTOs that partner with banks, payment service providers (PSPs), or other regulated financial institutions approved by the Bank of Ghana for the termination of inward remittances.
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The BoG explained that the guidelines are designed to provide a clear legal and regulatory framework for the registration and operation of IMTOs in Ghana, while clearly defining the scope of permissible activities and operational requirements, including partnership arrangements with banks and PSPs.
The Central Bank noted that the framework also seeks to promote market integrity, protect consumers, and ensure accountability across the remittance value chain.
The guiding principles underpinning the new guidelines include legality and enforceability, transparency, accountability, and consumer protection, among others.
On documentary requirements, the Bank of Ghana stated that any entity seeking to operate as an IMTO in Ghana must apply for registration with the Central Bank to provide inward remittance services. Applicants must also be duly registered or licensed in their home countries as IMTOs or remittance companies.
Regarding application assessment and approval, the BoG said all submissions will be reviewed to ensure completeness, accuracy, and compliance with the stipulated registration requirements.
The Central Bank is required to either approve or reject an application within 90 days of receiving a complete submission. Where approval is granted, the Bank of Ghana will clearly outline the scope of permitted operations, as well as the terms and conditions under which the IMTO may operate in Ghana.
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