The Bank of Ghana (BoG) has announced significant regulatory changes impacting International Money Transfer Operators (IMTOs), with the aim of formalizing the substantial remittance sector and ensuring the stability of the cedi. These regulations, set to take effect in January 2026, mark a pivotal shift in how digital financial services operate within the country.
Understanding the Changes: The BoG’s new policy requires that all incoming remittances be disbursed exclusively in Ghanaian Cedis. This means that recipients in cities like Accra will no longer have the option to receive funds in U.S. dollars or other foreign currencies directly at the counter. The primary objective of this mandate is to enhance the central bank’s control over foreign exchange availability and to combat the prevalent issue of currency hoarding in the black market.
Impact on Fintechs: The new regulations introduce a more stringent licensing process for IMTOs, which must now complete a comprehensive “fit and proper” assessment. In addition, international players such as Wise and Remitly are required to establish partnerships with local banks or licensed Payment Service Providers (PSPs) to operate in Ghana. Furthermore, there may be a requirement for these operators to hold a settlement account with a local bank, reinforcing their accountability in transaction management.
Enhanced Compliance Measures: The BoG is instituting rigorous transparency measures, mandating that IMTOs report all transactions through its automated system. In line with this, there is a strict anti-money laundering (AML) policy where any attempts at structuring—dividing larger transfers into smaller ones to evade detection—will not be tolerated.
Benefits of the New Framework: For consumers, these changes are expected to lead to more stable exchange rates, although they may encounter additional Know Your Customer (KYC) requirements when retrieving funds. For local banks, this regulatory framework positions them as essential intermediaries for all IMTO transactions, effectively making them the primary gateways for these financial services. On a broader scale, the anticipated increase in officially recorded foreign exchange inflows could contribute to stabilizing the cedi against global currency fluctuations.
