An agency agreement shall, at a minimum

(a) define the rights and responsibilities of both parties;

(b) set the scope of work to be performed by the agent and specify that the principal is responsible and liable for the actions or omissions of an agent providing the services on behalf of the principal, even if the action has not been authorised in the agreement, as long as the action relates to the agency business;

(c) specify the actions that are permissible;

(d) specify that electronic money agents shall operate against pre-funded accounts only;

(e) set the agent and master-agent remuneration and any revenue sharing structure, including incentives and bonuses;

(f) state that any outsourced service is subject to regulatory approval by the Bank of Ghana;

(g) state that an agent shall not perform management functions, make management decisions, or act or purport to act on behalf of management or as an employee of the principal;

(h) state that an agent or master-agent or an employee of an agent or master-agent has no claim to be treated as an employee of the principal;

(i) specify that the agent shall ensure safe-keeping of all relevant records not already captured on the platform and ensure that the records are, at regular pre-specified intervals, moved to the principal who shall ensure safekeeping of these records for at least six years;

(j) state that records and data relating to a customer of the principal and the transactions that are collected or generated by the agent or master-agent whether from the customers, the principal or from other sources, are the property of the principal and shall be kept confidential;

(k) state that the agent or master-agent is bound to complete confidentiality forms regarding the customers and transactions of the customers;

(I) allow unrestricted access to the Bank of Ghana, all internal systems, information, data and documents of the agent or master-agent relating to the agency business;

(m) state that an agent or master-agent shall not subcontract any or part of its contractual obligations to a third party without recourse to the principal; and

(n) establish a protocol for changing the terms of the service contract, stipulations for default and termination of the contract as well as for dispute resolution.