ACCRA, Jan 5 (AGCNewsNet) – The Bank of Ghana has introduced comprehensive new regulatory guidelines for International Money Transfer Operators (IMTOs), tightening oversight of the country’s remittance sector and strengthening consumer protection and financial integrity.

The new framework, titled Guidelines for the Registration and Operations of International Money Transfer Operators (IMTOs) in Ghana and dated December 2025, applies to all IMTOs, banks, payment service providers, and institutions approved to terminate inward remittances into Ghana.

Describing remittances as “a vital pillar of Ghana’s socio-economic development,” the central bank said the rapid evolution of digital financial services makes a robust regulatory framework necessary to sustain public trust and safeguard financial stability.

A key feature of the guidelines is a stricter licensing regime. Prospective IMTOs must already be licensed in their home jurisdictions and submit detailed applications to the Bank of Ghana, including ownership structures, profiles of ultimate beneficial owners, and internal control systems. The central bank said it will approve or reject complete applications within 90 days, stressing that registration status granted to an IMTO is non-transferable.

Under the new rules, IMTOs are restricted exclusively to inward, person-to-person remittance services. They are prohibited from engaging in outbound international transfers, deposit-taking, lending, foreign exchange trading, or other financial services. In a significant shift, IMTOs are also barred from terminating inward remittances into corporate or business accounts, with all payouts required to be made only to individuals.

The guidelines further mandate that all inward remittances be settled in Ghana cedis through designated bank accounts. Currency conversion must be based on the Average Opening Bloomberg USD/GHS Regional bid–ask range, or the applicable currency pair rate, on the day the funds are received for same-day conversion.

Compliance requirements have also been strengthened. IMTOs and their agents are required to collect detailed transaction data, including the purpose of transfers and beneficiary gender, and retain records for at least six years. Monthly electronic data returns must be submitted by the ninth working day of the following month, while suspicious transaction reports are to be filed within 24 hours.

The Bank of Ghana emphasized accountability within the remittance ecosystem, noting that while IMTOs must operate through approved agent banks or payment service providers, they retain full responsibility for regulatory compliance. All agents must operate under formal Service Level Agreements, and IMTOs are required to actively monitor their agents’ compliance with anti-money laundering, counter-terrorism financing, and counter-proliferation financing requirements.

Sanctions for breaches of the guidelines include fines, suspension, and possible de-registration. The central bank warned that unauthorised material changes could attract administrative penalties of not less than 1,000 penalty units. Existing operators have been granted a three-month transitional period from the date of publication to fully comply with the new regulations.

According to the Bank of Ghana, the measures are designed to enhance transparency, protect consumers, and reinforce confidence in Ghana’s remittance sector amid growing cross-border money flows.

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