BoG warns non-compliant IMTOs risk losing operating rights

International Money Transfer Operators that fail to register with the Bank of Ghana by July 31, 2026, risk losing their right to operate.

The warning was contained in a notice signed by the Secretary of the Bank, Ms. Aimee Vyda Quashie, announcing an extension of the registration deadline for existing International Money Transfer Operators (IMTOs) in Ghana.

The Bank of Ghana said the extension follows its earlier notice issued on January 20, 2026, on the registration and operations of IMTOs. The central bank explained that the new deadline gives affected operators additional time to regularise their activities and submit all required documentation in line with the regulatory framework governing money transfer services.

According to the notice, the registration deadline under the Guidelines for the Registration and Operations of International Money Transfer Operators has been extended to July 31, 2026.

The Bank urged all existing operators yet to complete the registration process to take advantage of the extension and ensure full compliance before the deadline expires.

It stressed that the extension does not alter the registration requirements and warned that operators who fail to comply would face serious consequences.

“For the avoidance of doubt, existing IMTOs that fail to comply with the registration requirements within the stipulated timeframe shall not be permitted to operate in Ghana,” the notice stated.

The central bank further cautioned that any business arrangements involving unregistered operators and regulated financial institutions would automatically lose validity after the deadline.

“Consequently, any existing arrangements or partnerships with Banks, Specialised Deposit-Taking Institutions (SDIs), and Payment Service Providers (PSPs) shall be rendered null and void,” the notice said.

The Bank added that entities that disregard the directive could be subjected to further regulatory and enforcement actions under applicable laws.

In addition, all regulated institutions have been directed to ensure strict adherence to the directive and avoid engaging with operators that fail to meet the registration requirements.

The notice forms part of ongoing efforts by the Bank of Ghana to strengthen oversight within the remittance sector, promote compliance among operators and enhance the integrity of cross-border money transfer services in the country.