The Bank of Ghana has released comprehensive guidelines for International Money Transfer Operators (IMTOs), aiming to strengthen transparency, consumer protection, and the stability of the country’s remittance sector.
The guidelines, published in December 2025, set out the rules for foreign remittance companies sending money into Ghana. They also apply to banks, Payment Service Providers (PSPs), and other regulated institutions that partner with IMTOs. With remittances being a key source of household income and contributing to broader economic activity, the Bank of Ghana emphasized the importance of a robust regulatory framework.
According to the Bank of Ghana, “Remittances are a critical pillar of Ghana’s economy, supporting household incomes and broader financial activity. These guidelines are designed to ensure that funds sent from abroad are delivered securely, efficiently, and in compliance with international standards.”
Under the new rules, IMTOs must register with the Bank of Ghana and provide proof of licensing in their home country, corporate structures, internal controls, and cybersecurity certifications. Applications will be reviewed within 90 days, and rejected operators may appeal within 30 days.
Approved IMTOs are restricted to inward remittance services only. They are permitted to receive funds from foreign senders and deliver payments to beneficiaries through approved channels such as bank accounts, mobile wallets, or over-the-counter cash payouts. Activities such as outward transfers, deposit-taking, lending, or investments are explicitly prohibited.
The Bank of Ghana further stated, “Consumers must have confidence that their money is safe and that any issues will be addressed promptly. IMTOs are required to maintain records for at least six years and provide advanced support to resolve any complaints escalated from their agents.”
Agents, including banks, SDIs, or PSPs, must operate under service level agreements that clearly define responsibilities, transaction procedures, and data protection standards. The Bank of Ghana emphasized that “all information collected by agents is deemed to be collected on behalf of the IMTO,” ensuring accountability and safeguarding customer data.
IMTOs already operating in Ghana must regularize their registration within three months. This transitional period allows existing operators to align with the new framework while continuing to provide uninterrupted remittance services.
The Bank of Ghana said the overarching goal is to establish a “transparent, fair, and competitive remittance market that benefits both operators and consumers.” Non-compliance may attract sanctions including fines, suspension, or de-registration.
The central bank also highlighted that the guidelines form part of a broader strategy to maintain the integrity of Ghana’s financial system and protect the cedi against financial irregularities.
By formalizing registration and operational standards for IMTOs, the Bank of Ghana aims to build a remittance ecosystem that is secure, efficient, and resilient, benefiting both Ghanaian households and the wider economy.
