The Bank of Ghana (BoG) has announced GHS20 million as the minimum capital required for operating a mobile money company in the country.
The directive comes on the back of the enactment of the Payment Systems and Services Act, 2019 (Act 987), to provide the legal and regulatory framework for the orderly development of the payment system.
The central bank, in a statement, said an Electronic Money Issuer needs a minimum of GHS20 million to get a licence to begin operation.
An Electronic Money Issuer can recruit and manage agents, create and manage a wallet, can engage in wallet-based domestic money transfers, including transfers to and from bank accounts, cash-in and cash-out transactions, investment, savings, credit products only in partnership with banks, insurance and pension products, only with authorised insurance and pension companies.
The BoG’s statement signed by the Secretary to the Governor, Mrs Frances Van-Hein Sackey, said the Bank of Ghana, in furtherance of its objective of fostering financial innovation, has taken into consideration the size, nature and characteristics of each financial technology company in prescribing the required minimum capital, governance and systems requirements.
Existing Mobile Money operators have nine months to meet the new capital requirement. New operators, on the other hand, will be required to meet the new minimum capital requirement before operations.
The move comes on the back of an increase in the value of transactions on the Mobile Money platform. Banks that also want to do mobile money must set up a separate subsidiary to do the electronic transactions and have to be capitalised as a guarantee to ensure that they are fit and proper to carry on any transaction of electronic money.
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It seems some of you people didn't understand the content. God bless nana Addo for introducing free SHE.
I said it...that God brought this dwarf president for people to know how weakness he is ... God is punishing the people of Ghana for insulting Mahama for nothing....
This is not right.whg do you people make senseless decisions like that. Mobile money transfer has become a source of living for many young people in Ghana. You people want go take this too from them?...we will not watch you make this decision. Ghanaians must speak up!
The Ghc20m is for the Telecos (mtn, vodafon, airtel tigo) to have as their requirement to operate and not to the mobile vendors.
Why are you people making things difficult in the country like that? Ahh so you people think anyone complaining about hardship in the country is an NDC member? The MTN momo too you want to collapse it. Alot of people are now jobless but you don't care
the 20million as I understand it will be for companies like mtn to pay or to have as capital and they can have agents on the streets to sell and deal transfers but if it's not so and the street sellers are now to pay 20mghc then bog is dreaming
BOG need to come again. This new minimum capital can callapse the entire mobile money system. Secondly the mobile has provided 1000s of job to the millions unemployed youth and with this new capital will make them unemployed. The conviniency of it will no longer be there. Because people would have to quee to get it. I am telling you the fact if this current government want to stay in power he should never make such attempts. I rest my case.