• 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

BoG Warns of License Revocations Over Inward Remittance Violations

3 days ago
in Banking & Finance, Business, Economy, Features, highlights, Home, home-news, latest News, Markets
1 min read
0 0
0
113
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

BoG Warns of License Revocations Over Inward Remittance Violations

The Bank of Ghana (BoG) has reiterated its warning to financial institutions over breaches of the Foreign Exchange Act, 2006 (Act 723), stating that persistent offenders risk having their remittance licenses revoked.

In a statement issued on July 29, 2025, the Central Bank said it has observed continued violations of the Act and its Updated Guidelines for Inward Remittance Services by Payment Service Providers, despite several prior cautions.

“It has come to the attention of the Bank of Ghana that some Banks, Dedicated Electronic Money Issuers (DEMIs), Enhanced Payment Service Providers (EPSPs), and Money Transfer Operators (MTOs) continue to violate the Foreign Exchange Act, 2006 and the Updated Guidelines for Inward Remittance Services by Payment Service Providers,” the BoG said.

The infractions cited include the termination of inward remittances through unapproved channels, engagement in foreign exchange swaps in the context of remittance business, unauthorized termination of remittances on behalf of institutions, and the application of unapproved foreign exchange rates.

The BoG emphasized that financial institutions must strictly comply with the provisions of the Guidelines, especially with regard to the funding and operation of the Local Settlement Account.

“Financial institutions must fund the Local Settlement Account strictly in accordance with section 7.1(c) of the Guidelines, and all disbursements must be done from this account as specified in section 7.2(a),” the statement noted.

RelatedPosts

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

It further directed DEMIs and EPSPs to ensure that all pre-funding arrangements with their settlement banks conform to section 7.2(b) of the Guidelines.

To strengthen regulatory oversight, the central bank has also mandated that all Banks, DEMIs, and EPSPs submit weekly reports per MTO, detailing daily individual inward remittance transactions and the corresponding foreign exchange sums credited into their Nostro accounts.

The BoG warned that failure to provide accurate and timely reports will be considered a regulatory breach under Section 42 of the Payment Systems and Services Act, 2019 (Act 987) and Section 93(3)(d) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), and will attract appropriate administrative sanctions.

The move forms part of broader efforts by the BoG to ensure transparency, accountability, and integrity in Ghana’s foreign exchange and remittance ecosystem.

Tags: and Money Transfer Operators (MTOs)BanksBoG Warns of License Revocations Over Inward Remittance ViolationsDedicated Electronic Money Issuers (DEMIs)Enhanced Payment Service Providers (EPSPs)Guidelines for Inward Remittance Services by Payment Service Providers

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

No Result
View All Result

Highlights

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

Banking Sector Soundness Remains Robust in 2024 Amid Strong Profitability, Adequate Capital Buffers

Sha’Carri Richardson Withdraws from US Trials Following Arrest

From Singuluma to El Kaabi: Can CHAN 2024 Unleash the Next Hat-trick Hero?

Ghana to Welcome King’s Baton Relay on August 8 Ahead of 2026 Commonwealth Games

Trending

Features

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

August 2, 2025

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes Parliament has adjourned...

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

August 2, 2025

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

August 2, 2025

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

August 2, 2025
Bank of Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

August 2, 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.