Bank of Ghana Tightens International Money Transfer Rules to Protect Consumers and FX Flows
The Bank of Ghana (BoG) has unveiled new regulations for International Money Transfer Operators (IMTOs), signaling a major shift in how inward remittances are managed in the country. The updated framework aims to enhance oversight, protect foreign exchange inflows, and strengthen consumer safeguards, reflecting the growing importance of remittances in supporting Ghanaian households and the national economy.
As remittances increasingly move from traditional banks to mobile money and digital platforms, the BoG says tighter regulations are needed to maintain public trust and financial stability. All IMTOs facilitating inward transfers must now register with the central bank and partner with licensed banks or regulated financial institutions. These measures are intended to ensure transparency, accountability, and strict compliance with anti-money laundering (AML) and counter-terrorism financing rules.
New applicants seeking to operate as IMTOs in Ghana must provide detailed documentation, including ownership structures, management profiles, internal control systems, and cybersecurity measures. The BoG has set a 90-day timeline to process applications and reserves the right to reject operators that fail to meet regulatory standards. Importantly, IMTOs are restricted to inward remittance services and are prohibited from offering outbound transfers, lending, or other financial services without explicit approval.
The guidelines also require that all inward remittances be settled in Ghana cedis through designated accounts, with foreign currency converted on the same day at BoG-approved rates. Analysts note that restricting payments to personal accounts only will help reduce misuse of remittance channels for commercial or illicit activities. The regulations also strengthen consumer protection, including clear complaint channels, electronic transaction receipts, and transparent disclosure of fees and exchange rates.
To enforce compliance, the BoG has introduced penalties ranging from administrative fines to de-registration for non-compliant IMTOs. Existing operators have three months to apply under the new rules, while new entrants must fully comply before starting operations. By tightening controls on registration, settlement, and risk management, the Bank of Ghana aims to protect consumers, curb financial crime, and ensure remittance inflows continue to contribute to Ghana’s economic resilience.
source: citi newsroom