Ghana’s remittances ecosystem is currently undergoing a rapid transformation, given its continued role contributing to the country’s socio-economic, the Bank of Ghana (BoG) has released a revised set of rules for the fast emergence of International Money Transfer Operators (IMTOs), who, through partnerships with licensed payment service providers and banks, play a critical role in facilitating the smooth and secure the flow of funds into Ghana.

In a 16-page document shared on Friday, January 2, the central bank has outlined new rules to “foster a secure and enabling environment for remittance services ” in Ghana.

The document outlines a set of guidelines on legality, transparency, accountability, consumer protection, and robust data security for all remittance services for IMTOs in Ghana.

The guidelines include, “Legality and Enforceability where all IMTO activities must comply with relevant laws, directives and notices as prescribed by the Bank of Ghana. Transparency: An IMTO shall provide accurate, timely, and complete information on services, fees, charges, and exchange rates to promote accountability and consumer trust. Accountability: An IMTO, including its board, management, and agent, shall be responsible for ensuring compliance with regulatory obligations and the safe conduct of inward remittance operations.

Also on consumer protection, “an IMTO shall uphold fair treatment, privacy, and effective mechanisms for complaint resolution to safeguard customer rights. Technology neutrality: An IMTO may utilise any technology or delivery channel, provided they comply with regulatory standards for interoperability, security, operational efficiency, and consumer protection. Data protection and privacy: An IMTO shall safeguard customer information, ensuring confidentiality, integrity, and compliance with the Data Protection Act, 2012 (Act 843) and relevant international standards.”

Ghana’s Data Protection Act, 2012 (Act 843) establishes the legal framework for protecting personal data, regulates how organisations collect, store, and use it, and creates the Data Protection Commission to enforce compliance.

GUIDELINES-FOR-THE-REGISTRATION-AND-OPERATIONS-OF-INTERNATIONAL-MONEY-TRANSFER-OPERATORS-IMTOs-IN-GHANA-020126Download

Additionally, parties interested in operating IMTOs in Ghana must apply for registration with the Bank of Ghana, providing detailed documentation including proof of licensing in their home country, company ownership and management profiles, transaction flow processes, internal controls, and consumer protection mechanisms. The BoG will assess applications for completeness and compliance, granting or rejecting approval within 90 days, and may request additional information or third-party assessments as part of the process.

IMTOs, according to BoG, are to desist from engaging in any other financial activities outside the scope of their license or risks loosing it.

BoG mandates that IMTOs stay away from “engaging in any other business other than those stipulated in (10.1) of these guidelines, and shall not engage in any activities beyond the defined scope. Engaging in any outbound international money transfer transactions, as well as engaging in deposit-taking, lending, or any other activities prohibited by the Bank of Ghana.”

Other non-permissible acts stipulated by BoG in the new guiding principles include IMTOs,

“Allowing the termination of inward remittances into business/corporate accounts, providing insurance, investment, or any other financial services unless expressly authorised by the Bank of Ghana or even act as authorised dealers in gold, precious metals, or any other commodities or even maintain current accounts or any other deposit accounts on behalf of customers,” among several others.

These guidelines come at a time when remittances are expected to increase, as the world continues to celebrate the festive season. Families abroad often send money home to their loved ones to mark Christmas and the New Year.

In an unrelated development, BoG The Bank of Ghana (BoG) on 9 December released its Exposure Draft of the Guideline for the Regulation and Supervision of Non-Interest Banking Institutions (NIBI).

In the guidelines, the central bank announced a 60% convertible currency capital requirement for foreign banks under non-interest banking and deployed it strictly into Shariah-compliant financial instruments.

The announcement was made publicly on the BoG’s official website.

Parts of the guideline which are listed under the sub-topic, “Minimum Paid-Up Capital and Fees” in the 25-page document, read “In the case of foreign ownership of a NIBI, not less than 60% of the required capitalisation or contribution shall be brought into Ghana in convertible currency. The capital shall be invested in non-interest-bearing instruments,” while the central bank reiterated its authority to decide and announce, in an official notice, how much starting capital and what application fees Non-Interest Financial Institutions must have before they can operate.

“Pursuant to its regulatory authority, the Bank shall determine and specify, through official notice, the requisite minimum paid-up capital and application fees for all Non-Interest Financial Institutions,” BoG added.

Currently, Ghana has no operating non-interest bank. The first time an official proposal for the establishment of one was made was in 2017 by the then Governor of the Bank of Ghana, Dr Johnson Asiama. He announced that a proposal was being prepared for submission to Parliament to pave the way for implementation.

Consequently, as the country moves to allow NIBIs, the central bank says this approach is to ensure stability, guard against currency and liquidity risks, and strengthen the resilience of operators within an industry that continues to attract new entrants.

Also, before an entity can apply for a non-interest banking license, it is expected of it to write to the BoG governor indicating the type of license being requested.

“An application for a NIB licence shall be made in writing to the Governor, Bank of Ghana. The application shall indicate the type of NIB licence being applied for (full-fledged or window). The application shall be accompanied by the documentation specified by the Bank. As part of the licensing procedure, NIBIs may have technical partners that shall be approved by the Bank.