BoG Issues New Guidelines for Registration and Operations of International Money Transfer Operators

By ZED NEWSROOM
The Bank of Ghana (BoG) has issued new guidelines to regulate the registration and operations of International Money Transfer Operators (IMTOs) in Ghana, as part of efforts to strengthen oversight of inward remittance services and enhance consumer protection.
The new framework is 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 guidelines are specifically designed for IMTOs that partner with banks, payment service providers (PSPs), and other regulated financial institutions approved by the Bank of Ghana for the termination of inward remittances.
In a notice to stakeholders, the BoG explained that the guidelines are intended to establish a clear legal and regulatory framework for the registration and operation of IMTOs in Ghana. They also seek to clearly define the scope of permissible activities, operational requirements, and partnership arrangements between IMTOs and licensed financial institutions involved in remittance services.
The central bank noted that the framework is aimed at promoting transparency, accountability, and efficiency within the remittance ecosystem, while safeguarding consumers and maintaining the integrity of Ghana’s foreign exchange and payment systems.
The guiding principles underpinning the development of the guidelines include legality and enforceability, transparency, accountability, consumer protection, effective risk management, and compliance with anti-money laundering and counter-terrorism financing requirements.
Under the documentary requirements, any entity seeking to operate in Ghana as an IMTO is required to apply for registration with the Bank of Ghana to provide inward remittance services. The applicant must also be duly registered or licensed as an IMTO or remittance company in its home country.
On application assessment and approval, the Bank of Ghana said it will review all submissions to ensure completeness, accuracy, and full compliance with the stipulated registration requirements. The central bank will either grant or refuse an application within 90 days of receiving a complete application.
Where an application is approved, the Bank of Ghana will clearly specify the scope of operations, as well as the terms and conditions under which the IMTO may operate in Ghana.
The BoG said the new guidelines are part of broader efforts to enhance regulatory clarity, improve the safety and reliability of remittance services, and ensure that international money transfers contribute positively to Ghana’s financial stability and economic development.