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(1) A licence issued under this Act shall be issued subject to the terms and conditions that the Bank of Ghana may impose.

(2) The terms and conditions of a licence may be stated in the notice of approval of a licence and shall be considered to form part of the licence for purposes of this Act.

(3) A licence shall be designated either as a banking licence or a specialised deposit-taking institution licence.

(4) A specialised deposit-taking institution licence shall be issued to an applicant whose primary activities are limited to deposit-taking business.

(5) The name of a specialised deposit-taking institution shall clearly designate which category of specialised deposit-taking institution licence that institution operates under, in accordance with rules prescribed by the Bank of Ghana.

(6) For  purposes  of  this  Act,  the  Bank  of  Ghana  shall  by  notice published in the Gazette or in at least two daily newspapers of national circulation indicate the designation of a licence issued to a company before the coming into force of this Act.