(1) A licensee or authorised entity which intends to outsource its technology platform, internal audit and risk management functions, and operational functions shall, in writing, inform the Bank of Ghana.

(2) A licensee or authorised entity shall not outsource an Operational function which is likely to impair

(a) materially the quality of internal control of that licensee or authorised entity; and

(b) the ability of the Bank of Ghana to monitor the compliance of the licensee or authorised entity with the obligations of the licensee or authorised entity under this Act.

(3) For the purposes of subsection (2), an operational function is important if a defect or failure in the performance of the operational function materially impairs

(a) the continuing compliance of the licensee or authorised entity with the requirements of the licence or authorisation; or

(b) the financial performance of the licensee or authorised entity or the soundness or the continuity of its services.

(4) An outsourcing under this section shall meet the following conditions:

(a) the outsourcing shall not result in the delegation by senior management of its accountability;

(b) the relationship and obligations of the issuer towards the users of any relevant payment instrument shall not be altered;

(c) the requirements with which the licensee or authorised entity is to comply with the licence or authorisation are not undermined by the licensee or authorised entity;

(d) the outsourcing shall not amend, suspend or revoke a condition of the licence or authorisation; and

(e) any other conditions that the Bank of Ghana may specify.

(5) A licensee or an authorised entity shall

(a) put in place a service level agreement for all outsourcing arrangements, and

(b) submit copies of the agreement to the Bank of Ghana within ten days of signing the agreement.