Bank of Ghana Extends IMTO Registration Deadline
The Bank of Ghana (BoG) has extended the deadline for the registration and compliance of International Money Transfer Operators (IMTOs) to July 31, 2026, giving operators additional time to regularize their activities under the central bank’s regulatory framework.
The extension was announced in a notice issued to all International Money Transfer Operators currently operating in the country.
According to the Bank of Ghana, the additional period is intended to enable existing IMTOs to complete the registration process and submit all required documentation in accordance with the central bank’s guidelines governing international money transfer services.
The regulator urged all operators that have not yet fulfilled the requirements to take advantage of the extension and ensure full compliance before the new deadline.
Non-Compliant Operators Face Sanctions
The Bank of Ghana cautioned that any existing IMTO that fails to comply with the registration requirements by July 31, 2026, will not be permitted to continue operating in Ghana.
“For the avoidance of doubt, existing IMTOs that fail to comply with the registration requirements within the stipulated timeframe shall not be permitted to operate in Ghana,” the notice stated.
The central bank further warned that any existing arrangements or partnerships between non-compliant IMTOs and regulated financial institutions would automatically become invalid.
This includes partnerships with banks, Specialised Deposit-Taking Institutions (SDIs), and Payment Service Providers (PSPs).
According to the directive, such arrangements will be rendered null and void once the deadline expires for operators that have not secured the necessary approvals.
Regulatory Enforcement Measures
The Bank of Ghana also indicated that institutions that fail to comply may face additional regulatory and enforcement actions under applicable financial sector laws and regulations.
The move forms part of broader efforts by the central bank to strengthen oversight of Ghana’s remittance ecosystem, enhance transparency, improve consumer protection, and ensure that all entities engaged in cross-border money transfer services operate within an approved regulatory framework.
Regulated Institutions Directed to Comply
The central bank concluded by directing all regulated financial institutions to ensure strict adherence to the directive and to work only with duly registered and approved International Money Transfer Operators.
The registration exercise is expected to enhance confidence in Ghana’s remittance sector, which remains a significant source of foreign exchange inflows and financial support for households and businesses.
Industry observers say the extension provides operators with a final opportunity to align their operations with regulatory requirements before enforcement measures take effect.
With remittance flows continuing to play an important role in Ghana’s economy, the Bank of Ghana’s latest directive underscores its commitment to strengthening compliance, safeguarding the integrity of the financial system, and promoting a secure and well-regulated payments ecosystem.
