Print Options

(1) A body corporate regulated under the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) shall not engage in a payment service business unless that body corporate applies for authorisation from the Bank of Ghana.

 (2) An application under subsection (1) shall

(a) be in the prescribed form,

(b) set out the nature and functionality of the proposed payment services that will be made available to customers, and

(c) contain sufficient information to enable the Bank of Ghana evaluate the requirements including

(i) the pr0posed payment services that the applicant intends to offer;

(ii) a business plan;

(iii) financial projections for the first five years for the proposed payment services indicating the intended areas of activities, initial geographical coverage of the service, including agent coverage where applicable;

(iv) an expansion plan, where applicable; and

(v) any other information that the Bank of Ghana may require.

(3) An applicant may be granted authorisation or have its authorisation renewed as a payment service provider if the applicant satisfies the requirements specified in sections 18, 19, 20, 44 and 47.

(4) The Bank of Ghana shall, within ninety days from the date of receipt of a complete application, grant or refuse an application for payment services authorisation.

(5) The Bank of Ghana may reject an application for authorisation where

(a) the application contains false or misleading information;

(b) the applicant fails to respond to a request from the Bank of Ghana for additional information within thirty days of a second request for the same information;

(c) the documents submitted by the applicant are incomplete; or

(d) the Bank of Ghana on reasonable grounds is convinced that the applicant is incapable of performing the functions under this Act.