The Bank of Ghana (BoG) has extended the deadline for International Money Transfer Operators (IMTOs) to register by approximately six weeks. The new registration deadline is July 31, 2026. This decision means IMTOs have more time to align their operations with the central bank's guidelines.
This extension aims to ensure all existing IMTOs complete their registration processes. The Bank of Ghana noted that this extra period will allow operators to submit necessary documents and regularise activities. It underlined that any operator failing to register by the new deadline will not operate in Ghana.
This regulatory move is part of the Bank of Ghana's broader efforts to strengthen the oversight of the financial sector. Ghana's economy heavily relies on remittances, making the regulation of IMTOs crucial for financial stability. In 2023, Ghana received an estimated $4.7 billion in remittances, highlighting the critical role of these operators. The central bank has also recently intensified its regulation of digital financial services, including issuing warnings against unregulated cryptocurrency activities.
The BoG stated this extension will reduce disruptions in the remittance market. This ensures continued financial flows from the diaspora to support household incomes and national development. This directive applies to all financial institutions which must ensure compliance. The Bank of Ghana has advised operators to contact its Payment Systems Department for support during the registration process.
The immediate implication is that all IMTOs must fast-track their registration efforts. The Bank of Ghana warned that any partnerships between unregistered operators and banks, specialised deposit-taking institutions, and payment service providers will be cancelled after July 31, 2026. Such unregistered operators may also face further regulatory action. This firm stance indicates the central bank's commitment to a more transparent and regulated money transfer ecosystem. Markets will watch for the number of operators who successfully register by the new deadline.