The Bank of Ghana has cautioned banks, mobile money issuers, and money transfer operators over continued violations of the country’s remittance and foreign exchange regulations.
The move comes as the central bank tightens regulatory controls on its remittance sector, which plays a key role in the country’s financial inflows.
In a public notice released on Tuesday, the central bank said some institutions were flouting key provisions of the Foreign Exchange Act, 2006, and updated remittance guidelines—despite previous warnings.
The breaches include the use of unapproved channels to process inward remittances, engaging in foreign exchange swaps linked to remittance transactions, and terminating remittances on behalf of other institutions without prior approval. Some institutions were also found to be applying unofficial exchange rates.
“The Bank will sanction any violating institution and terminate the remittance partnerships of all MTOs whose operations are not in compliance with the approved guidelines,” the statement warned.
To tighten oversight, the Bank of Ghana has directed all banks, Dedicated Electronic Money Issuers (DEMIs), and Enhanced Payment Service Providers (EPSPs) to adhere strictly to prescribed procedures for funding and disbursing from local settlement accounts. These procedures are outlined in sections 7.1 and 7.2 of the Updated Guidelines for Inward Remittance Services.
Institutions are also now required to submit weekly remittance reports per Money Transfer Operator (MTO), which must include daily transaction logs and the total foreign exchange credited into Nostro accounts.
“Failure to submit accurate and timely reports constitutes a regulatory breach,” the bank said, citing Section 42 of the Payment Systems and Services Act (Act 987) and Section 93(3)(d) of the Banks and Specialised Deposit-Taking Institutions Act (Act 930).
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