UK-based remittance fintech Africhange has secured an International Money Transfer Operator (IMTO) licence from the Bank of Ghana, allowing it to provide regulated international money transfer services into the country.
Founded in 2020, Africhange has successfully secured regulatory licences across five key markets, including Canada, Australia, the United Kingdom, and Nigeria. Its extensive cross-border payout network facilitates users in routing and transmitting funds to over 100 countries worldwide. In 2024, the Central Bank of Nigeria (CBN) granted an IMTO licence to Africhange’s subsidiary, Currenzo, underscoring the company’s dedication to regulatory compliance across African countries.
According to David Ajala, Founder and CEO of Africhange, the Ghanaian expansion is a significant milestone in its mission to enhance financial access and facilitate smoother remittance processes for individuals and businesses in the region. “Securing our IMTO licence in Ghana is an important step in our commitment to building trusted financial infrastructure for Africans everywhere.”
“Ghanaians are deeply connected to families, businesses, and opportunities around the world. We want moving money across those connections to be simple, secure, and fairly priced. This licence gives us the regulatory foundation to serve the Ghanaian market and build for its long-term needs.”
The licence comes as Ghana’s central bank increases scrutiny of the country’s remittance market.
On September 10, the Bank of Ghana warned that some money transfer operators were providing remittance and foreign exchange services without its approval. It also announced enforcement action against payment service providers over breaches of its rules for inward remittances.
The central bank subsequently published updated guidelines for payment service providers involved in inward remittances on September 17. The regulator describes remittances as a significant source of external financing for Ghana and income for households that use the money for expenses including education, healthcare, rent and utilities.
