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Inbound International Money Transfer

Migrant remittances have played an important role in the economic development, social resilience and the improvement of household welfare in many developing countries

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In Ghana, remittances mostly from Ghanaians living abroad have become a very significant component of Ghana’s economy, as the amount of money remitted into the country every year continues to exceed the revenue the country generates from taxes and how much it receives in international aid.

Whereas the total value of remittances into Ghana in 2016 for example was quoted as GH¢8.7 billion, the tax revenue collected hovered around GH¢183 million.




Remittances are currently received into Ghana facilitated mainly by Money Transfer Organizations (MTOs) abroad. Even though a large volume of these remittances are received over the counter at various Banks and Savings and Loans companies, there has been a growing appetite among Migrants abroad and MTOs for direct remittances into bank accounts and to Recipient mobile money wallets.

It is based on this growing demand among existing and prospective partner MTOs that Etranzact Ghana seeks a form of partnership with your bank to enable the channeling of international remittances directly to Recipients Bank accounts.

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Service Dynamics

The service dynamic, so far as funding and transaction flow are concerned, is not a departure from the current model being used by the bank and any other bank for MTO’s like Western Union, MoneyGram etc. for over the counter payments. In terms of the receipt of the actual remittance by the Recipient, there will however be no need for the Recipient to show up in the banking hall to present certain details before liquidation of remitted funds as the funds will directly be in his/her bank account or mobile money wallet. A typical flow is indicated below:


Sender remits funds through partner MTO abroad. This is done by using partner MTO interface: Agent outlets, mobile application and internet.

Sender selects Bank account on or at partner MTO interface.

Sender provides a valid, verifiable bank account number.

Partner MTO connects to the Etranzact platform electronically and submits the remittance request in real time.

Etranzact connects to partner Bank in Ghana via the integration and upon verification submits request for the crediting of Recipient bank account.

After completion of any internal checks by the Bank’s system, an account funded purposely for the remittance service is debited and the Recipient bank account credited with the amount remitted.