Bank of Ghana Introduces New Regulatory Guidelines for International Money Transfer Operators

Introduction

In a significant move to strengthen oversight and protect the integrity of Ghana’s financial system, the Bank of Ghana (BoG) has published comprehensive new guidelines governing the registration and operations of International Money Transfer Operators (IMTOs). Released in December 2025, these regulations form a robust framework designed to enhance consumer protection, ensure financial stability, and safeguard against money laundering and terrorist financing. This development is crucial for the millions of Ghanaians who rely on remittances and for the operators serving this vital market.

Key Points

Background

The Importance of Remittances to Ghana

Remittances are a cornerstone of Ghana’s economy. According to the World Bank, remittances to Ghana consistently rank among the top sources of foreign exchange inflows, often exceeding official development assistance and sometimes rivaling foreign direct investment. In 2025, remittances were estimated to contribute over $4 billion to the national economy, supporting household consumption, education, healthcare, and small business development across the country.

Why New Regulations Were Needed

The rapid evolution of the digital payments landscape, coupled with the increasing sophistication of financial crimes, necessitated a review of the existing regulatory framework. The previous guidelines, while functional, were not fully aligned with current international best practices, particularly concerning anti-money laundering (AML), countering the financing of terrorism (CFT), and countering the proliferation of weapons of mass destruction (CPF). The Bank of Ghana identified gaps that could potentially be exploited, prompting the development of a more comprehensive and robust regulatory regime.

Alignment with International Standards

The new guidelines are designed to align Ghana’s regulatory framework with international standards set by bodies such as the Financial Action Task Force (FATF) and the Basel Committee on Banking Supervision. This alignment not only enhances the integrity of Ghana’s financial system but also strengthens its reputation in the global financial community, potentially reducing the cost of cross-border transactions for both operators and consumers.

Analysis

Impact on the Remittance Industry

The introduction of these guidelines represents a significant shift for the remittance industry in Ghana. While the increased regulatory burden may lead to higher operational costs for some operators, it also creates a more level playing field and enhances consumer confidence. The prohibition on certain activities, such as outbound transfers and lending, may lead to consolidation within the sector, with operators focusing on their core competency of facilitating inward remittances.

Consumer Protection Enhancements

The new framework places a strong emphasis on consumer protection. The requirement for detailed transaction reporting, including the purpose of the transfer and beneficiary gender, will enable better monitoring of the use of remittances. The mandate to settle all transactions in Ghana Cedis using the official reference rate protects consumers from potential forex manipulation and ensures transparency in pricing.

Challenges and Opportunities

Implementing these guidelines presents both challenges and opportunities. For operators, the primary challenge will be the cost of compliance, including the need to invest in robust compliance systems and staff training. However, this also presents an opportunity for operators to differentiate themselves through superior compliance and customer service. For the Bank of Ghana, the challenge will be ensuring effective supervision of a potentially large number of operators and agents, requiring adequate resources and technological capabilities.

Practical Advice

For Existing IMTOs

Existing IMTOs have a critical three-month window to align their operations with the new regulations. Here are actionable steps to ensure compliance:

• Conduct a Compliance Gap Analysis: Assess your current operations against the new requirements, focusing on licensing, AML/CFT/CPF procedures, and transaction reporting.
• Engage with the Bank of Ghana: Initiate dialogue with the BoG’s licensing department to clarify any ambiguities and ensure your application is complete and accurate.
• Review Agent Agreements: Ensure all agent relationships are formalized through Service Level Agreements that clearly define compliance responsibilities.
• Invest in Compliance Technology: Upgrade your systems to support real-time transaction monitoring, suspicious activity reporting, and data retention requirements.
• Train Your Staff: Conduct comprehensive training sessions for all employees and agents on the new regulations, focusing on AML/CFT/CPF procedures and customer due diligence.

For New Market Entrants

For companies looking to enter the Ghanaian remittance market, the new guidelines provide a clear roadmap for compliance:

• Secure Home Country Authorization: Ensure you have a valid license in your home country before applying to the Bank of Ghana.
• Prepare a Comprehensive Application: Gather all required documentation, including detailed shareholder information, profiles of ultimate beneficial owners, and robust internal control frameworks.
• Partner with a Local Agent Bank: Establish a relationship with a licensed agent bank or payment service provider that can facilitate your operations in Ghana.
• Design Your Product Offering: Focus on person-to-person inward remittances, avoiding any activities that fall outside the permitted scope.
• Implement Strong Compliance Controls: Build AML/CFT/CPF compliance into the core of your operations from day one.

For Consumers

Ghanaians who rely on remittances should be aware of the changes and how they may affect their transactions:

• Verify Operator Registration: Ensure that the money transfer operator you use is registered with the Bank of Ghana. The BoG will likely publish a list of registered IMTOs.
• Understand Transaction Requirements: Be prepared to provide additional information, such as the purpose of the transfer and your gender, as part of the enhanced due diligence process.
• Monitor Exchange Rates: Familiarize yourself with the official BoG reference rate to ensure you are getting a fair exchange rate for your remittances.
• Report Suspicious Activity: If you encounter any suspicious behavior or feel that your transaction is not being handled properly, report it to the operator or directly to the Bank of Ghana.

FAQ

Conclusion

The Bank of Ghana’s new regulatory guidelines for International Money Transfer Operators represent a significant step forward in strengthening the integrity and efficiency of Ghana’s remittance sector. By establishing clear licensing requirements, enhancing compliance standards, and protecting consumers, these guidelines create a more stable and trustworthy environment for all stakeholders. While the transition may present challenges, particularly for smaller operators, the long-term benefits of a well-regulated remittance market are undeniable. For consumers, the guidelines offer greater protection and transparency. For operators, they provide a clear framework for sustainable growth. And for Ghana as a nation, they reinforce the critical role of remittances in driving economic development and improving the lives of millions of citizens.

Sources

• Bank of Ghana. (2025). Guidelines for the Registration and Operations of International Money Transfer Operators (IMTOs) in Ghana.
• World Bank. (2025). Migration and Remittances Data.
• Financial Action Task Force (FATF). (2023). Recommendations for International Money Transfer Services.
• Basel Committee on Banking Supervision. (2022). Sound Management of Risks Related to Money Laundering and Financing of Terrorism.
• Bank of Ghana. (2025). Press Release on IMTO Regulatory Framework.