BoG Rolls Out New Rules for Money Transfer Operators—Tighter Remittance Oversight, Stronger Consumer Protection!
To improve consumer protection, strengthen oversight of inward remittances, and protect foreign exchange inflows, the Bank of Ghana (BoG) has set up a new set of rules for International Money Transfer Operators (IMTOs). According to the Guidelines for the Registration and Operations of IMTOs, all businesses that help people send money to Ghana must work with a BoG-registered IMTO and licensed banks, payment service providers, or other regulated financial institutions. Operators must officially register with the BoG and give them detailed information about ownership, governance, internal controls, cybersecurity, and consumer protection. They must also follow rules against money laundering, terrorism, and financing the spread of weapons. The framework only allows IMTOs to send money to people in Ghana, not businesses, and all payments must be made in Ghana cedis on the day they are received. IMTOs have to give customers electronic receipts, tell them about fees and exchange rates, and be the second level of complaint resolution. The BoG will make sure that everyone follows the rules by punishing them, suspending them, or taking them off the list. Existing operators will have three months to get their businesses in order, and new applicants will have to follow the rules before they can start doing business. The goal is to make the remittance system more open, stable, and trustworthy.
