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(1) An electronic money system may be used for the following:

(a) domestic payments;

(b) domestic money transfers, including transfers to and from bank accounts;

(c) bulk transactions, including payments of salaries, beneļ¬ts and pensions;

(d) cash-in and cash-out transactions;

(e) over-the-counter transactions;

(f) inward international remittances in partnership with banks;

(g) savings products in partnership with a bank or a specialised deposit-taking institution authorised by the Bank of Ghana;

(h) credit products underwritten by a licensed bank or specialised deposit-taking institution;

(i) insurance products under-written by a licensed insurer; or

(j) any other transaction determined by the Bank of Ghana.

(2) The Bank of Ghana may, in writing, restrict the permissible transactions of electronic money issuers or payment service providers or remove the restrictions imposed as the Bank of Ghana considers appropriate.

(3) Where a dedicated electronic money issuer or a payment service provider intends to perform any activity under the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), that dedicated electronic money issuer or payment service provider shall ensure that that activity is underwritten by a bank or specialised deposit-taking institution.

(4) A dedicated electronic money issuer may, in addition to issuing electronic money, engage in any of the following activities:

(a) the Operation of payment systems, Where the conditions of applicable rules, acts or notices are met; or

(b) the provision of operational services and related ancillary services in respect of the issuing of electronic money.