IMTO (International Money Transfer Operator)
An IMTO (International Money Transfer Operator) is a money transfer company approved by a central bank such as the Central Bank of Nigeria or the Bank of Ghana to deliver inbound international remittances to local recipients. IMTOs work through local banks or other licensed agents and cannot send money out of the country.
This page explains the rules in general terms and is not legal or regulatory advice. Check the primary source and take advice on how the rules apply to your firm.
Jurisdiction: Nigeria: CBN Revised Guidelines for International Money Transfer Services (31 January 2024) and CBN circular of 24 March 2026. Ghana: Bank of Ghana Guidelines for the Registration and Operations of IMTOs (December 2025).
How it works
In Nigeria, the CBN's Revised Guidelines for International Money Transfer Services, issued on 31 January 2024, replaced the rules of 2014. Applicants pay a non-refundable ₦10,000,000 fee and the same amount each year to renew, due by 31 January. Foreign IMTOs need minimum share capital of US$1 million, with an equivalent for indigenous IMTOs. The guidelines state that an IMTO "shall not engage in any outbound transaction".
Payouts use the prevailing rate in the Nigerian Foreign Exchange Market, and IMTOs must disclose the rate, commission and fees. Agents cannot charge the beneficiary fees beyond those agreed with the sender. A CBN circular of 24 March 2026 requires every IMTO to open designated naira settlement accounts with authorised dealer banks and to run all beneficiary payments and settlements through them.
In Ghana, the Bank of Ghana's guidelines of December 2025 require IMTOs to register with the Bank of Ghana and to be registered or licensed in their home country as an IMTO or remittance company. Registered IMTOs handle inward remittances only, cannot pay into business or corporate accounts and work through banks, specialised deposit-taking institutions or PSPs as agents. Foreign currency proceeds go to the partner bank's nostro for same-day conversion into cedis.
Example
A UK MTO approved as an IMTO in Nigeria receives £500,000 of transfers for Nigerian recipients on Monday. It sells the sterling through its authorised dealer bank and credits the naira to its designated settlement account. Every beneficiary payment leaves from that account, so treasury sizes it to Monday's payouts plus the next day's expected volume.
Frequently asked questions
Can an IMTO send money out of Nigeria or Ghana?
No. Both central banks limit IMTOs to inbound remittances.
Can a bank operate as an IMTO in Ghana?
No. Banks, specialised deposit-taking institutions and PSPs cannot operate as IMTOs, but they can act as a registered IMTO's agent.
Where Polynopsis fits
Polynopsis gives no licensing advice. It shows an IMTO where its money is across settlement accounts, partners and wallets, in one read-only position.
Compared with
Related terms
Sources
- Revised Guidelines for International Money Transfer Services in Nigeria (31 January 2024) · Central Bank of Nigeria
- Reforms and initiatives · Central Bank of Nigeria
- Guidelines for the Registration and Operations of International Money Transfer Operators (IMTOs) in Ghana (December 2025) · Bank of Ghana
Know where all your money is.
Polynopsis gives cross-border payment teams one live position across every bank, payout partner, exchange and wallet, including money in flight, and warns before a corridor runs dry.
About Polynopsis
Polynopsis is liquidity management software for cross-border payment companies. The name joins poly, many, and synopsis, a seeing together: one live view of money spread across many banks, payout partners, exchanges and stablecoin wallets, including money in flight, with a warning before any corridor runs dry.
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