The Bank Of Ghana has announced that the deadline for mobile money operators to meet the minimum capital requirement of GHC 20million has been extended from June 2020 to the end of December 2020.
The update was announced by Dr Settor Amediku, Head of Payment Systems Department at Bank Of Ghana.
Dr Settor Amediku also announced that the Governance Framework and Infrastructure Requirement has also been extended to end of December 2020.
Effects Of New Payments Act
The Bank Of Ghana earlier in 2019 increased the minimum capital requirement for mobile money operators from GH¢5 million to GH¢20 million and were given a deadline of June 2020 to meet those requirements.
In accordance with the new Payments Act law, the central bank has grouped various licenses for payment system providers:
- PSP Electronic Money Issuer – GHC 20 million
- PSP Scheme (Payments cards like Visa and MasterCards) – GHC 8 million
- PSP Enhanced Licence (Payment Platforms like ExpressPay etc) – GHC 2 million
- PSP Medium Licence (Sub agents for the payment platforms) – GHC 800,000
- Standard Licence (startups fintech) – No capital required