The Bank of Ghana (BoG) has denied claims that the country has lost US$8 billion over the past two years due to FinTechs and Money Transfer Operators (MTOs) withholding inward remittances, which allegedly impacted the country's foreign currency reserves. The central bank stated that these reports are misleading and not based on facts.

The statements were captured in a press release addressing recent media comments and discussions about the role of FinTechs and Money Transfer Operators (MTOs) in inward remittance services in Ghana. Describing the media reports as inaccurate, the BoG aimed to properly inform and educate its stakeholders and the public on the actual extent of FinTech and MTO involvement in these services.

According to the BoG, the reports inaccurately suggested that the country lost US$5 billion in 2022 and US$3 billion in 2023. In response to the point about the MTOs and Fintech companies operation of nostro accounts, Central Bank clarified that all remittance inflows are credited to the nostro account of partner banks of Payment Service Providers (PSPs), as such, no PSP holds any forex inflows from inward remittances. The partner bank credits the local cedi accounts of PSPs for onward transfer to beneficiaries.

While admitting that Ghana has seen a consistent increase in remittance inflows year-on-year, the Bank of Ghana clarified that it does not license MTOs since such companies are based abroad. According to the Bank, it however conducts due diligence on MTOs who partner local banks and/or FinTechs to deliver remittances into Ghana as part of the authorization process.

Below is the full statement