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A person who engages in electronic money business without a licence from the Bank of Ghana commits an offence and is liable on summary conviction,

(a) in the case of an individual, to a fine of not less than one thousand five hundred penalty units and not more than three thousand penalty units, or to a term of imprisonment of not less than four years and not more than seven years or to both; or

(b) in the case of a body corporate, to a fine of not less than two thousand five hundred penalty units and not more than five thousand penalty units.