The Bank of Ghana announced that Mobile Money Operators have up to the end of the year to meet the new minimum capital requirement of GH¢20million instead of June 2020 deadline.
In 2019, the BoG expanded the base capital for Mobile Money organizations from GH¢5 million to GH¢20 million, an increment of around 300 percent. Players in the segment were given nine months starting September to meet the new prerequisites.
The BOG released a statement that read: “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.”
Per bawkuonline.com sources, The Head of Payment Systems Department at the national bank, Dr Settor Amediku reported this at the maiden Mobile Technology for Development Event sorted out by the Ghana Chamber of Telecommunications, Financial Inclusion Forum Africa and the Office of the President.
As indicated by him, the Bank of Ghana has likewise concurred that all budgetary innovation (fintech) organizations can change over 50 percent of their irrefutable affirm to cover 50 percent of their base capital necessity.
Including that The Central Bank has likewise extended the cutoff time for the Governance Framework and Infrastructure Requirement to December 2020.