List of Electronic Money Issuers & Payment Service Providers in Ghana 2024 

The Bank of Ghana then published a notice on Licensing Application Pack for Payment Service Providers after Ghana’s lawmakers have passed the Payment Systems and Services Act. 2019 (Act 987) on 13th May 2019, and it was gazetted the next day.

The following is thus the announcement of the Bank of Ghana for the information of the general public that the institutions listed below have received regulatory approval to operate as a payment service provider

List of Payment Service Providers and Electronic Money Issuers in Ghana

Payment Systems and Services Act. 2019 (Act 987)

The Payment Systems and Services Act. 2019 (Act 987) is an act to amend and consolidate the laws relating to payment systems, payment services and regulate institutions that carry on payment services and electronic money business and provide for related matters in Ghana.

Operations of Payment Service Providers

The following are the provisions in the Payment Systems and Services Act. 2019 (Act 987) regarding the operations of payment service providers in Ghana;

1. A body corporate other than a body corporate regulated under the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) shall not operate a payment system or provide a payment service without a payment system license issued by the Bank of Ghana in accordance with this Act.
2. A person who is licensed as a payment service provider by the Bank of Ghana in accordance with this Act may provide the following services:
   1. Clearing of payment instructions among financial and non-financial institutions;
   2. Settling of obligations arising from the clearing of payment instructions
   3. Transfer of funds from one account to another using any electronic means;
   4. Transfer of electronic money from one electronic device to another;
   5. Provision of technological services to facilitate switching, routing, clearing and data management;
   6. Facilitation of interoperability of payment systems and services among payment systems providers;
   7. Provision of electronic payment services to the unbanked and under-banked population;
   8. Establishing a payment clearing house;
   9. Provision of financial communication network;
   10. Issuing of electronic payment instruments;
   11. Issuing of prepaid cards, credit cards and debit cards;
   12. Payment system aggregation function;
   13. Provision of any electronic platform for payment or receipt of funds;
   14. Printing of non-cash paper payment instrument, or
   15. Any other service prescribed by the Bank of Ghana

Operating Without a Bank of Ghana license

A person who engages in electronic money business without a licence from the Bank of Ghana commits an offence and is liable on summary conviction;

1. In the case of an individual, to a fine of not less than one thousand five hundred penalty units and not more than three thousand penalty units, or to a term of imprisonment  of not less than four years and not more than seven years or to both; or
2. In the case of a body corporate, to a fine of not less than two thousand five hundred penalty units and not more than five thousand penalty

Capital Requirements

1. A payment service provider shall ensure that while in operation, it maintains in the country a minimum paid-up capital unimpaired by losses including accumulated losses or other adjustments as determined by the Bank of
2. A payment service provider who fails to maintain the required minimum paid-up capital stipulated under subsection (1) above, shall;
   1. Submit a plan to the Bank of Ghana for approval as to how the payment service provider intends to restore the paid-up capital to the required minimum level; and
   2. Pay to the Bank of Ghana, on each day that the deficiency continues, a penalty of one-half per mille, of the difference between the capital that the payment service provider should have maintained and the level of capital actually maintained by the payment service
   3. The Bank of Ghana may suspend the licence of a payment service provider or take other punitive action as the Bank of Ghana considers appropriate where the deficiency is not rectified within one hundred and twenty days after it has occurred

How to Apply for a Payment System License in Ghana

The Payment Systems and Services Act. 2019 (Act 987) has the following provision on how you following to say about applying for a payment system license in Ghana.

1. A body corporate which intends to operate as a payment service provider shall apply in a prescribed form for a payment system license.
2. An application made under subsection (1) shall;
   1. Set out the nature and functionality of the proposed payment services that will be made available to customers, and
   2. Contain sufficient information to enable the Bank of Ghana to evaluate the requirements including
      1. Information about the applicant and the business organisation of the applicant;
      2. A list of the current or proposed significant shareholders of the applicant and the percentages of shares owned or to be owned by each;
      3. Proposed payment services or products to be made available to customers;
      4. A business plan;
      5. Financial projections for its proposed payment services operations for the first five years indicating the intended initial geographical coverage of the service, including agent coverage where applicable;
      6. An expansion plan, where applicable;
      7. Information on all bank accounts to be used in the conduct of payment services where applicable; and
   3. Be accompanied with
      1. A valid registration certificate obtained from the Data Protection Commission or any entity authorised by law to permit the entity to control data; and
   4. Any other information that the Bank of Ghana may require
3. An applicant is eligible to be licensed or have a license renewed as a payment service provider if that applicant satisfies the requirements specified under sections 18, 19, 20, 44 and 47 of the Payment Systems and Services Act. 2019 (Act 987) and
4. An applicant shall have at least a thirty percent equity participation of a Ghanaian
5. The Bank of Ghana may, within ninety days following receipt of a complete application or where further information has been required, after receipt of the information, grant or refuse the application.
6. The Bank of Ghana may grant a license where the Bank of Ghana is satisfied that the applicant has met the requirements for a license specified under sections 18, 19, 20, 44 and 47, and any other requirement specified by the Bank of Ghana
7. The Bank of Ghana may, where it grants a licence, impose terms and conditions, as the Bank of Ghana considers appropriate
8. The Bank of Ghana may reject the application for a licence where;
   1. The applicant or any of its significant shareholders has been convicted of a crime involving a financial transaction in any jurisdiction within the past ten years; or
   2. The application  contains  false  or  misleading  information; c9 the applicant fails to respond to a request from the Bank of Ghana for additional information within thirty days of a second request for the same information,
   3. The documents submitted by the applicant are incomplete, or
   4. The Bank of Ghana on reasonable grounds is convinced that the applicant is incapable of performing the functions under this Payment Systems and Services Act. 2019 (Act 987)
   5. An applicant whose application is rejected may re-submit the application if the deficiencies that formed the basis for refusal of the initial application have been ratified