BoG Introduces Guidelines For Inward Remittance Services

The Bank of Ghana has introduced guidelines for inward remittance services by payment services providers.

This is in furtherance of its commitment to creating an enabling environment for remittance without risking the stability of the financial system.

The guidelines will regulate inward money transfer services provided by Dedicated Electronic Money Issuers (DEMIs) and Enhanced Payment Service Providers (EPSPs) in partnership with MTOs.

It will stipulate the minimum standards and requirements for providing inward remittance services, ensure adherence to Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Law and Guidelines, amongst others.

DEMIs and EPSPs providing inward remittance services in partnership with MTOs shall submit an electronic monthly data return by the 10th working day of the ensuing month to the Bank of Ghana, among others.

For data protection, the DEMI and EPSP shall collect, process and retain remittance data in line with relevant provisions under the Data Protection Act 2012, (Act 843).

According to the Central Bank, any action which contravenes any section of this Guideline shall attract the corresponding sanctions and penalties under the relevant laws.

Remittance is a significant source of external financing and a major contributor to national income. Many Ghanaian families depend on remittances from relations living abroad to cater for various expenses including education, health, rent, housekeeping, and utilities. 

Ghanaians in the diaspora also send money home to fund the construction of residential and/or commercial buildings. Remittances therefore contribute to the economic well-being of Ghanaians.

Source:Peacefmonline