{"id":647159,"date":"2019-06-28T17:03:42","date_gmt":"2019-06-28T17:03:42","guid":{"rendered":"
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The Bank of Ghana (BoG) will soon be announcing a new minimum capital
\n requirement for all institutions that want to enter the business of
\nmobile money operations.<\/p>\n

According to the central bank, telecom companies and existing firms
\nthat are already offering the service will be given some time to meet
\nthe new requirement while\u00a0new operators will be required to meet the new
\n minimum capital before acquiring a license to operate.<\/p>\n

Speaking of JoyBusiness, Head of Payment Systems at the Central Bank,
\n Dr Settor Amedeku noted that the Governor of BoG is expected to launch
\nthe initiative before the end of the year.<\/p>\n

He said, \u201cVery soon we will announce the amount to be paid but this
\nis a process to ensure maximum regulation and security of the business
\nfor stakeholders and the people of Ghana.\u201d<\/p>\n

\u201cOfficially the government will make an announcement. The banks that also want to do Mobile Money must set up a separate subsidiary to do the electronic transaction and have to be capitalised as a guarantee to ensure that you\u2019re fit and proper to carry on any transaction of electronic money,\u201d he added.<\/p>\n

Payment and Settlement Act<\/strong><\/p>\n

In May 2019, President Akufo-Addo assented to the Payment and Settlement Act after its passage by Parliament in March.\u00a0<\/p>\n

This is expected to pave the way for a new set of regulations to aid electronic payments in the country and also to stir up innovation in the financial sector space as Ghanaians move closer to the use of digital platforms for transactions.<\/p>\n

With the passage of the Payment Systems and Services law, all mobile
\nmoney operators need to set up a subsidiary and will have to seek
\napproval from the Bank of Ghana.<\/p>\n

The activities of Fintechs and electronic payments are also expected to boom.<\/p>\n

Ghana going cash-lite<\/strong><\/p>\n

The Bank of Ghana has set 2024 as a deadline for the country to move towards an era where little cash is used in financial transactions.<\/p>\n

The move is part of efforts to reduce the cost of doing business and improve revenue collections in the country.\u00a0<\/p>\n

Source: Joy Business<\/p>\n