(1) The Bank of Ghana may revoke a payment system licence or authorisation where

(a) any other licence or authorisation related to payment services or issuance of electronic money is revoked under any other law;

(b) the payment service provider or electronic money issuer refuses to permit an inspection or provide information required by the Bank of Ghana;

(c) the payment service provider or electronic money issuer provides false or misleading information for purposes of applying for the licence or authorisation;

(d) the payment service provider or electronic money issuer fails to comply with the terms and conditions of the licence or authorisation;

(e) the payment service provider or electronic money issuer engages in a pattern of unsafe or unsound practices that

(i) threaten the financial condition of the payment service provider or electronic money issuer; or

(ii) is detrimental to the interests of users and other providers;

(f) the payment service provider or electronic money issuer is insolvent under any law or as determined by a court of competent jurisdiction;

(g) the payment service provider or electronic money issuer ceases to carry on the business of payment services in the country or goes into liquidation, is wound up, or is dissolved;

(h) the payment service provider or electronic money issuer does not provide payment services or issue electronic money within six months from the date on which the authorisation was given or licence was issued;

(I) the payment service provider or electronic money issuer ceases to engage in the payment service or electronic money business for more than six months;

(j) the payment service provider or electronic money issuer constitutes a threat to the stability of the payment system by continuing its payment services or electronic money business; or

(k) the revocation of the licence or authorisation of that payment service provider or electronic money issuer is desirable to protect the interests of consumers.

(2) Subsection (1) does not limit the power of the Bank of Ghana to take any other remedial or penal action against a payment service provider or an electronic money issuer.

(3) Where the Bank of Ghana proposes to revoke the licence of a payment service provider or an authorisation of an electronic money issuer under subsection (1), the Bank of Ghana shall

(a) give notice in writing to the payment service provider or electronic money issuer;

(b) Specify the proposed action and the grounds on which the action is proposed to be taken; and

(c) give the payment service provider or electronic money issuer an opportunity to make written presentation Within the days specified in the notice.

(4) After the expiry of the notice period and considering the representations made by the payment service provider or electronic money issuer, the Bank of Ghana may

(a) decide Whether to take the proposed action; or

(b) vary the pr0posed action as the Bank of Ghana considers appropriate; and

(c) communicate the decision of the Bank of Ghana to the payment service provider or electronic money issuer.

(5) Where the Bank of Ghana revokes the authorisation or licence of a payment service provider or an electronic money issuer, that payment service provider or electronic money issuer shall cease to carry on the payment service business and surrender the authorisation or licence to the Bank of Ghana.

(6) A payment service provider or electronic money issuer shall arrange to pay customers all their electronic moneys held, within ten days, upon a revocation of the licence or authorisation.

(7) A payment service provider or electronic money issuer who contravenes subsection (6), is liable to pay to the Bank of Ghana an administrative penalty of two thousand penalty units within ten days of the contravention and an additional penalty of forty penalty units for each day that the contravention continues.