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(1) A body corporate regulated under the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) shall not engage in electronic money business without authorisation from the Bank of Ghana.

(2) A body corporate which seeks to engage in electronic money business shall apply to the Bank of Ghana in the form prescribed by the Bank of Ghana.

(3) An application under subsection (2) shall

(a) set out the nature and functionality of the proposed electronic money Operations that will be made available to electronic money holders; and

(b) contain sufficient information to enable the Bank of Ghana evaluate the requirements including

(i) information on the proposed electronic money services to be offered;

(ii) a business plan;

(iii) financial projections for the first five years for its proposed electronic money Operations indicating the intended areas of activities, initial geographical coverage of the service, including agent coverage;

(iv) an expansion plan, where applicable; and

(v) any other information that the Bank may require.

(4) An applicant may be granted authorisation or have its authorisation renewed as an electronic money issuer if the applicant satisfies the requirements specified in sections 18, 19, 20, 44 and 47.

(5) The Bank of Ghana shall, within ninety days from the date of receipt of a complete application, grant or refuse an application for authorisation to engage in electronic money business.

(6) A body corporate that engages in an electronic money business without authorisation from the Bank of Ghana commits an offence and is liable on summary conviction to a fine of not less than four thousand penalty units and not more than seven thousand penalty units.

(7) A person who is convicted of an offence under subsection (6), shall immediately cease the issuance of electronic money.