Minimum capital requirement for Mobile Money companies pegged at GH¢20 million

+The Bank of Ghana in regulating the emergence of new payment streams, has issued the minimum capital for the licensing and authorisation of various payment service providers and financial technology companies.

The Central Bank in a notice on Thursday, September, 12, 2019 pegged the minimum capital required for operating a mobile money company at GH¢20 million.

This comes on the heels of 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.

In a statement released by the Secretary of BoG, Frances Van-Hein Sackey said: “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.”