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(1) An electronic money account that does not have a registered transaction on the electronic money account for a period of twelve consecutive months shall be considered dormant.

(2) An electronic money issuer shall, in relation to an electronic money account which is considered dormant in accordance with subsection (1), adhere to the following:

(a) give notice to the relevant customer through a short messaging service not less than one month before the period specified in subsection (1), that the electronic money account shall be suspended unless there is a transaction on the account;

(b) block the electronic money account and not permit further transactions until the account is reactivated by the customer and supported by verifiable identification;

(c) give notice to the customer within two working days through a short messaging service that the electronic money account is blocked and provide instructions on the reactivation of the account;

(d) terminate the electronic money account that is blocked for twelve months without reactivation by the customer; and

(e) transfer the balance of an electronic money account that has been terminated along with identifying information into a separate account with a float holding bank or any other bank designated by the Bank of Ghana for a period of not more than three years.

(3) A bank referred to in paragraph (e) of subsection (2), shall invest the funds of the electronic money accounts that have been terminated in safe Government securities and

(a) retain ten percent of the interest earned,

(b) remit ten per cent of the interest earned to the electronic money issuer, and

(c) add the remaining eighty percent of the interest earned on the investments to the principal.

(4) Where the period specified in paragraph (6) of subsection (2) has passed and the holder of the electronic money account has not made a claim within that period, the electronic money issuer shall transfer all the funds to the Bank of Ghana or an institution designated by the Bank of Ghana and retain all identifying information.

(5) An electronic money issuer may, in the case of an electronic money account specified in paragraph (d) of subsection (2), disassociate the outstanding electronic money balance from the Mobile Station International Subscriber Directory Number of the account.

(6) An electronic money issuer shall re-assign to a new customer a Mobile Station International Subscriber Directory Number that is linked to an electronic money account only when the electronic money account is terminated.

(7) An electronic money issuer shall comply with this Act and any other directive issued by the Bank of Ghana in the treatment of dormant accounts.

(8) An electronic money issuer who fails to comply with the provisions of this section, is liable to pay to the Bank of Ghana an administrative penalty of five thousand penalty units.