Print Options

(1) A principal may use an agent to serve its customers except that the principal shall be responsible and liable for the actions of the agent in respect of the agency business despite that the actions are not authorised by the agency agreement.

(2) A principal who intends to use an agent shall apply for and obtain the written authorisation of the Bank of Ghana before commencing the agency business.

(3) For the purpose of subsection (2), the applicant shall provide the following information:

(a) the services to be provided through the agent;

(b) the proposed geographical coverage of the agent over a three-year period;

(c) the intended use of any master-agent;

(d) the due diligence policy and procedures on the agent and the due diligence report on the agent;

(e) copies of all draft agency agreements drafted in accordance with section 87;

(f) the policies and procedures applicable to the provision of services through an agent and a description of the technology to be used;

(g) a risk assessment report of the operations to be performed through the agent including the mitigating measures to be adopted to control the identified risks;

(h) an internal audit report regarding internal controls to be used for agency business and for any master-agent;

(i) the anti-money laundering and countering financing of terrorism policies and procedures as they relate to agency business, including know your customer procedures;

(j) the operational policies and procedures of the principal, including those relating to monitoring and enforcing compliance of agents and master—agents with all requirements under this Act;

(k) a policy document on how the principal will address the risk of the agent overselling or overcharging; and

(I) the full incentive structure for an agent and master-agent associated with every service provided, including the agent fee and revenue sharing structure.

(4) Where an agent network manager directly provides a banking service or electronic money service to end users, the agent network manager shall be regarded as an agent under this Act.