Payment Systems and Services ACT 2019, (ACT 987)

Secion 23: The Bank of Ghana shall not issue a licence to a person to operate as a dedicated electronic money issuer unless that person complies with the following requirements:(a) the person is incorporated as a limited liability company under the Companies Act, 1963 (Act 179);(b) the person includes a provision in its Regulations of Incorporation to the effect that electronic money owed to the customers are held in trust and shall not be encumbered in case of insolvency or liquidation;(c) the significant shareholders and directors of the company are fit and proper persons;(d) the person engages only in the busmess of electronic money and other activities related or incidental to the business of electronic money, such as money transfer or remittance;(e) the person establishes a separate entity incorporated exclusively for the purpose of operating a dedicated electronic money business if that person is engaged in activities not related or incidental to electronic money;f) the person has at least a thi_rty percent equity participation of a Ghanaian;(g) the person has a customer float account holding bank; and (h) the person has complied with any other requirement determined by the Bank of Ghana.

Procedures to Follow




Not Avaiable

Responsible Institution

Ministry of Finance

28th February Road, Finance Drv, Accra
Email:info@mofep.gov.gh
Website:www.mofep.gov.gh

Relevant Forms to Download

Not Available

Fees / Charges




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