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(1) A body corporate other than one regulated under the Banks and Specialised-Deposit-Taking Institutions Act, 2016 (Act 930) which seeks to engage in electronic money business shall apply to the Bank of Ghana in the form prescribed by the Bank of Ghana.

(2) An application under subsection (1) shall be accompanied with

(a) information about the applicant and the business organisation of the applicant;

(b) a list of the current or proposed significant shareholders of the applicant and the percentages of shares owned or to be owned by each shareholder;

(c) the proposed electronic money services or products that the applicant intends to offer;

(d) a business plan;

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

(f) an expansion plan, where applicable;

(g) information on all bank accounts to be used in the conduct of the electronic money operations;

(h) a valid registration certificate obtained from the Data Protection Commission or any entity authorised by law to permit the entity to control data;

(i) documentary evidence of capital of the proposed electronic money business including the original sources of funds and any other sources of funds; and

(j) any other information that the Bank of Ghana may require.

(3) The Bank of Ghana shall, within ninety days from the date of receipt of a complete application, grant or reject the application.

(4) The Bank of Ghana may reject an application for a licence under subsection (1) where

(a) the applicant or any of its significant shareholders has been convicted of a crime involving a financial transaction in any jurisdiction within the past ten years;

(b) the application contains false or misleading information;

(c) the applicant fails to respond to a request from the Bank of Ghana for additional information within thirty days of a second request for the same information;

(d) the documents submitted by the applicant are incomplete; or

(e) the Bank of Ghana on reasonable grounds is convinced that the applicant is incapable of performing the functions under this Act.