BoG Provides Framework For Fintech Companies On Payment Systems

A new Payment Systems and Services Act, 2019 (Act 987) has been enacted by Parliament to provide legal and regulatory framework for the orderly development of the payment system in Ghana.

In a statement issued by the Bank of Ghana (BoG), it said 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.

BoG, according to the release will provide the minimum capital requirements, permissible activities and fees for all categories of payment service providers and financial technology to companies to operate.

“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.”

It has however taken into consideration the size, nature and characteristics of each financial technology company in prescribing the required minimum capital, governance and systems requirements.

Read below full statement:

BANK OF GHANA

NOTICE TO BANKS AND NON-BANK FINANCIAL INSTITUTIONS AND THE GENERAL PUBLIC

NOTICE NO BG/GOV/SEC/2019/16

LICENSING AND AUTHORISATION OF PAYMENT SERVICE PROVIDERS

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.

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.

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.

Promoters or existing payment service providers are required to submit a formal application in line with the requirements under the Payment Systems and Services Act 2019 (Act 987) to the following address:

The Governor

Bank of Ghana 1 Thorpe Road

P.O. BOX GP 2674

Accra, Ghana

For further enquiry, please contact the following:

The Head

Payment Systems Department

Bank of Ghana

Cedi House, 12th Floor

Accra

(SGD)

FRANCES VAN-HEIN SACKEY (MRS)

THE SECRETARY

DATE – 12TH SEPTEMBER, 2019

Encl