New minimum capital requirement to be introduced for mobile money operation – BoG

The Bank of Ghana (BoG) will soon announce a new capital requirement for all institutions engaged in mobile money operation.

BoG said existing firms that are already offering the service will be given some time to meet the new requirement while new entrance will be expected to meet the requirement before receiving their licence.

Disclosing this to the media on the sidelines of the Ghana Most Respected CEO Breakfast forum organized by the BFT newspaper, the Head of Payment Systems at the Bank of Ghana, Dr. Setor Amediku said, “The banks that we talked about which also want to come into the payment ecosystem will also have to be authorized because they already have our licence and they need to set up separate subsidiary to do that and these subsidiaries have to be capitalised, a minimum capital requirement which the BoG will soon come out that if you want do mobile money business you will need to come up with some money, which will be deposited in BoG as way of guarantee to ensure that you are fit and proper to do the business.”