• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Banking & Finance

Bank of Ghana issues guidelines for Inward Remittance Services by Payment Service Providers

2 years ago
in Banking & Finance, Business, Economy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
221
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Bank of Ghana issues guidelines for Inward Remittance Services by Payment Service Providers

In a move to bolster the integrity of the financial ecosystem, the Bank of Ghana has released comprehensive guidelines governing the operations of Dedicated Electronic Money Issuers (DEMI) and Enhanced Payment Service Providers (EPSP) engaged in inward remittance services.

The guidelines, first unveiled in February 2021, are aimed at fostering transparency, accountability, and compliance within the  sector.

Key highlights from the guidelines include the necessity for DEMIs and EPSPs to maintain designated settlement accounts with universal banks exclusively.

These accounts are further categorized into two segments, namely the “Remittance Inflow Settlement Account” and the “Local Settlement Account.” These accounts are mandated to remain operationally distinct from any other accounts held by the respective service providers.

Of noteworthy significance is the stipulation that all disbursements must emanate from the “Local Settlement Account.” This account, as per the guidelines, is to be funded solely from the “Remittance Inflow Settlement Account.” Exceptions may be made when the DEMI or EPSP enters into an official funding arrangement with the settlement bank.

The repayment of such a facility is bound to occur from the “Local Settlement Account” upon the liquidation of funds sourced from the “Remittance Inflow Settlement Account.”

RelatedPosts

CAL Bank’s Total Assets Drop by GHS 1.42bn in Q3 2025; CAR Remains Below Regulatory Threshold

Former First Lady Nana Konadu Agyeman-Rawlings Passes Away at 77

GFA President Commends Ghanaian Media, Calls For Continued Collaboration to Advance Football Development

Integral to the guidelines is the role of the settlement bank. The directive requires these banks to employ the average interbank exchange rate, as published by the Ghana Association of Banks on the day of the transfer, or adhere to the rates prescribed by the Bank of Ghana.

This meticulous exchange rate conversion methodology is designed to safeguard the interests of both service providers and customers.

Furthermore, the guidelines cast a spotlight on the responsibilities of Forex Brokers. The document explicitly outlines that Forex Brokers are prohibited from engaging directly with corporate entities.

Additionally, they are barred from engaging in proprietary foreign exchange trading activities. Instead, they are entrusted with the task of facilitating foreign inflow termination only through partner banks or Fintechs, in an effort to ensure regulatory compliance and streamline market operations.

Market players are strongly urged to heed these directives to avert dire consequences. The Bank of Ghana emphasizes that non-compliance will result in stringent sanctions, which may extend to the withdrawal of licenses for institutions found in breach of these guidelines.

As the Ghanaian financial landscape continues to evolve, these guidelines stand as a testament to the central bank’s commitment to fostering a secure, accountable, and thriving remittance sector.

With compliance as the cornerstone, these measures are poised to fortify the nation’s financial foundations, while ensuring a seamless flow of remittances for the benefit of all stakeholders involved.

Tags: Bank of Ghana issues guidelines for Inward Remittance Services by Payment Service Providers
No Result
View All Result

Highlights

Africa Loses $5bn Annually to Forex Transactions, Says AfCFTA Secretariat

World Bank Unveils IFC2030 Strategy to Boost Private Capital and Job Creation

Domestic Debt Surpasses External Debt for the First Time in Years

Aliko Dangote Becomes the First African to hit the $30 Billion Mark

GoldBold Opens Licensing for Jewellery, Fabrication and Refinery

IMF Managing Director Appoints Christian Mumssen as Director of the Strategy, Policy, and Review Department

Trending

Banking & Finance

CAL Bank’s Total Assets Drop by GHS 1.42bn in Q3 2025; CAR Remains Below Regulatory Threshold

October 23, 2025

CAL Bank’s Total Assets Drop by GHS 1.42bn in Q3 2025; CAR Remains Below Regulatory Threshold A...

Former First Lady Nana Konadu Agyeman-Rawlings Passes Away at 77

October 23, 2025

GFA President Commends Ghanaian Media, Calls For Continued Collaboration to Advance Football Development

October 23, 2025

Africa Loses $5bn Annually to Forex Transactions, Says AfCFTA Secretariat

October 23, 2025

World Bank Unveils IFC2030 Strategy to Boost Private Capital and Job Creation

October 23, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.