The Bank of Ghana (BoG) has increased the minimum capital for Mobile Money companies by 300 percent.
The requirement has been increased to GH¢20 million from the initial GH¢5 million.The BoG captured this in a press statement it released.
According to the central bank, “The emergence of new payment streams, institutions such as financial technology companies and the general acceptance of electronic money have necessitated 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 notice further noted that “To operationalize Act 987, the Bank of Ghana hereby provides the minimum capital requirements, permissible activities and fees for all categories of payment service providers and financial technology companies.
”Adding that “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.”
According to the Payment Systems and Services Act, 2019 (Act 987), all mobile money operators need to set up a subsidiary and will have to seek approval from the Bank of Ghana.The companies have up to nine months to meet the new capital levels.
