The Bank of Ghana has issued new guidelines for the registration and operations of international money transfer operators (IMTOs) in Ghana.

These guidelines are issued pursuant to Section 4(1)(e) of the Bank of Ghana Act, 2002, (Act 612) as amended, Section 2(3) of the Foreign Exchange Act, 2006, (Act 723) and Section 101(2)(i) of the Payment Systems and Services Act, 2019 (Act 987) for the registration of an IMTO and its operations in Ghana.

According to the Central Bank, these guidelines are specifically tailored to an IMTO that partners with a Bank, Payment Service Provider and any other regulated financial institution approved by the Bank of Ghana for the termination of inward remittances.

The objectives of these guidelines are to establish a clear legal and regulatory framework for the registration of an IMTO and its operations in Ghana, define the scope of permissible activities and operational requirements for an IMTO, including partnership arrangements with Banks and Payment Service Providers and any other regulated financial institution approved by the Bank of Ghana for the termination of inward remittances, amongst others.

The guiding principles underpinning the development of these guidelines are Legality and Enforceability, Transparency, Accountability, Consumer protection and others.

For documentary requirements, an entity that seeks to operate in Ghana as an IMTO shall apply to be registered with the Bank of Ghana to provide inward remittance services. The IMTO must also have been registered or licensed in its home country as an IMTO or Remittance company.

With respect to Application Assessment and Approval, the Bank of Ghana shall review applications to ensure completeness, accuracy, and compliance with registration requirements.

It shall either grant or refuse the application, within 90 days of receiving a complete application. Where the application is approved, the Bank of Ghana shall specify the scope of operations, terms and conditions applicable to the IMTO