Guidelines for Inward Remittance Services by Payment Service Providers, 2021 🇬🇭
Ghana
Guidelines bog-irs
Guidelines for Inward Remittance Services by Payment Service Providers, 2021
- Issued by Bank of Ghana on 1 February 2021
- Commenced on 1 February 2021
- [This is the version of this document from 1 February 2021.]
1.0. Background
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.Over the years, Money Transfer Operators (MTOs) and banking agents have facilitated funds transfer from abroad to beneficiaries in Ghana, which are accessed largely through banking halls. Mobile money and other digital channels which have been made available by payment service providers are now provid…Read the Full Legislation on judy.legal
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