BoG Warns Banks Against Unregistered Money Transfer Operators

The Bank of Ghana has warned banks and other regulated financial institutions against facilitating or conducting remittance business through unregistered International Money Transfer Operators (IMTOs).

The warning was contained in a Notice publishing the list of IMTOs registered under the Guidelines for the Registration and Operations of International Money Transfer Operators in Ghana, as at 31st October, 2026.

According to the central bank, any regulated financial institution found to be facilitating or conducting remittance business through an IMTO that is not duly registered by the Bank shall be subject to appropriate regulatory and administrative sanctions under applicable laws and directives.

The Bank reminded all Banks, Specialised Deposit-Taking Institutions, Payment Service Providers, and Dedicated Electronic Money Issuers to establish and maintain business relationships for inward remittance services only with IMTOs included in the published list.

It noted that the published list of entities has satisfied the applicable regulatory requirements and are recognised by the Bank of Ghana to facilitate inward remittance services into Ghana.

A total of 46 IMTOs are on the list, including Western Union, MoneyGram, Ria Money Transfer, WorldRemit, Remitly, LemFi, Afriex, Send App, Zepz, Sendwave and others.

The BoG said it will periodically review and update the list of registered IMTOs, and encouraged regulated financial institutions to consult the Bank’s official website and subsequent published notices for the most current information on registered IMTOs operating in Ghana.

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