March 19, 2024

Navigating Remittance Regulations in Ghana: IAMTN Meet-up's Strategic Action Plan


In a significant milestone, the International Association of Money Transfer Networks (IAMTN) convened its inaugural meet-up on February 22, 2024, focusing on Ghana's evolving remittance landscape. The gathering saw the participation of industry leaders, including Remitly, Wise, Transfast Spain, Hello Paisa, BigPay Ghana, Small World, Tranglo, dLocal, and Afri International. Chaired by Veronica Studsgaard, the meeting delved into crucial discussions on regulatory changes and the challenges confronting money transfer operators (MTOs) and explored strategies to enhance compliance and foster collaboration.

Welcome and Introductions

The session began with a warm welcome and a brief overview of the purpose of the IAMTN Meet-up. Attendees introduced themselves, laying the groundwork for a collaborative and engaging discussion.

Recent Regulatory Changes in Ghana

Participants explored the ramifications of recent regulatory changes in Ghana, offering valuable insights into their impact on MTOs and local partners. This segment aimed to create a shared understanding of the dynamic regulatory environment.

Foreign Exchange Compliance

Foreign exchange compliance became the focal point of the discussion, drawing significant attention to the mandate for Money Transfer Operators (MTOs) to transfer and settle foreign exchange to local partners in Ghana. The discourse extended to include adherence to Bloomberg REGN rates and compliance with the 'Guidelines on Inward Remittances into Ghana,' offering valuable insights into the complexities of forex regulations.

Partnerships with Licensed Entities

The session sparked an engaging discussion on MTOs partnering exclusively with licensed entities in Ghana, drawing upon participants' experiences and insights. Successful partnership models were shared, challenges were openly addressed, and innovative solutions were proposed to cultivate stronger collaborations within the regulatory framework.

Product Authorization Process

The meeting delved into the Product Authorization process for local partners engaging with MTOs. Best practices were shared, and the potential consequences for non-compliance by MTOs and local partners were explored, emphasising the importance of adhering to regulatory requirements.

In summary, the meeting strongly emphasised effective communication and collaboration to maintain positive relations with the Bank of Ghana. Strategies were devised to address regulatory concerns and seek clarity. Gratitude was expressed to all participants for their contributions, highlighting the importance of collaboration and compliance in navigating remittance regulations. Two key lobbying points emerged: advocating for a Free FX Market in Ghana and enhancing the IMTO Approval Process. These discussions led to a strategic action plan aimed at positively influencing Ghana's regulatory landscape through collaboration, compliance, and proactive advocacy, aiming to foster a more efficient and transparent remittance ecosystem in the region.