The Bank of Ghana (BoG) has issued updated guidelines for inward remittance services in Ghana as part of efforts to sanitise the market.

An inward remittance is money received into a country or a recipient’s bank account from abroad, such as funds sent by family, business clients, or overseas employers. The transfer is facilitated by a foreign bank or money service, converted at the prevailing exchange rate, and credited to the recipient’s account.

In Ghana, the Bank of Ghana regulates these services to ensure security and compliance with foreign exchange rules.

According to the Bank, the new directive is not limited to the payment of rebates, commissions, or preferential arrangements that confer undue advantage or distort market conditions.

In an updated guideline document issued by the BoG and sighted by GhanaWeb Business, the objective is to “provide a binding framework to Dedicated Electronic Money Issuers (DEMIs) and Enhanced Payment Service Providers (EPSPs) in partnering with Money Transfer Operators (MTOs) to deliver inward remittance services to beneficiaries, stipulate minimum standards and requirements for providing inward remittance services, and promote compliance with consumer protection and recourse mechanisms.”

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The guidelines cover inward international remittance services provided by Payment Service Providers in partnership with MTOs, which are terminated into beneficiaries’ bank accounts, mobile money wallets, or any other electronic accounts or wallets approved by the Bank of Ghana. They apply to both DEMIs and EPSPs.

Read the full statement below:



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