(1) A payment service provider shall have a board of directors with a minimum of three members, at least two of whom, including the chief executive officer, shall be resident in the country.

(2) A payment service provider shall provide the biographical information on the board of directors and key management personnel to the Bank of Ghana.

(3) A member of a board of directors shall be a fit and proper person and have the necessary experience and qualifications to perform the functions of that member.

(4) The board of directors of a payment service provider shall be responsible for strategic decisions, effective oversight, risk management, compliance and internal control functions.

(5) A payment service provider shall furnish the Bank of Ghana with an organisational chart showing

(a) the span of control and lines of responsibility;

(b) the decision-making procedures;

(c) the reporting and communication lines;

(d) the systems for monitoring internal controls; and

(e) the board of directors’ oversight of the governance system.

(6) The key management personnel of a payment service provider shall be responsible for maintaining an effective system of operations with regard to payment services.

(7) A payment service provider shall disclose to the Bank of Ghana details of the external auditors of that payment service provider and any relation to the directors, key management personnel or shareholders.

(8) In the case of a bank or specialised deposit-taking institution, the bank or specialised deposit-taking institution shall

(a) constitute a sub-committee of the board of directors to exercise oversight of the payment system; and

(b) designate an officer to manage the operations.