(1) Electronic money accounts and transactions shall be denominated in Ghana Cedis.

(2) An electronic money issuer shall

(a) issue electronic money at par value on the receipt of funds;

(b) upon request by the electronic money holder, redeem, at any time and at par value, the monetary value of electronic money held; and

(c) pay not less than ninety per cent, or as determined by the Bank of Ghana, of the interest accrued, net of any fees or charges to electronic money holders.

(3) Despite subsection (1), an electronic money account which is denominated in foreign currency shall be in compliance with the Foreign Exchange Act, 2006 (Act 723).

(4) Despite paragraph (b) of subsection (2), a redemption may be subject to a fee if the payment of the fee is stated in the contract between the electronic money issuer and electronic money holder.

(5) Fees and charges shall be the standard applicable to the account type.

(6) An electronic money issuer who uses frivolous fees and charges or invents a new account type to hold electronic money float for the purposes of limiting the interest below that of other account types, is liable to pay to the Bank of Ghana an administrative penalty of three thousand penalty units.

(7) The fees and charges shall not exceed the interest generated on the account such that the balance in the account falls below the total value of the part of the electronic money float held in the account.

(8) Despite paragraph (c) of subsection (2), an electronic money issuer may retain any amount in excess of the minimum of ninety percent interest or as determined by the Bank of Ghana.

(9) An electronic money issuer may retain interest generated on over-the-counter transactions which are not associated with a given customer account.

(10) For the purposes of transparency and accountability, interest shall be paid into a separate account referred to as the interest account held in the name of the pooled account.

(11) Withdrawals from the interest account shall only be for distribution of interest.

(12) An electronic money issuer shall pay interest accrued on electronic money floats quarterly to the electronic money holders or as may be determined by the Bank of Ghana.

(13) A dedicated electronic money issuer, or a payment service provider if applicable, shall within thirty days, submit a proposal to the Bank of Ghana for approval on how the dedicated electronic money issuer or the payment service provider intends to distribute the interest.

(14) An electronic money issuer which fails to comply with the requirements of paragraph (c) of subsection (2), shall pay to the Bank of Ghana an administrative penalty of five thousand penalty units and have the respective licence suspended after one month of non-payment of interest.