New capital requirement for Mobile Money firms set at ¢20 million
Minimum capital requirement for mobile money operators in the country has been increased from 5 million cedis to 20 million cedis, the Bank of Ghana (BoG) has announced.
The increment, the central bank explained in a statement Thursday, is in line with the Payment Systems and Services Act (Act 987) which was passed by parliament this year to provide the legal and regulatory framework “for the orderly development of the payment system”.
BoG said the passage of the Act was necessitated by the emergence of new payment streams, institutions such as financial technology companies and the general acceptance of electronic money.
Meanwhile, promoters or existing payment service providers in line with the new regime, “required to submit a formal application” to governor of BoG.
The central bank has also set new capital requirement for other payment service providers in the country.