BoG Postpones Deadline For Mobile Money Dealers To Reach Minimum Requirement

The Bank of Ghana (BoG) has postponed the date for Mobile Money dealers and financial technology firms to reach the new minimum capital requirement from June to December 2020.

The Central Bank has made this decision to ensure that every operator meets the new requirement before the deadline.

Apart from the least requirement review, BOG has also agreed to permit 50% of assets by the dealers as part of the capital requirement while the other 50% of the paid-up capital will be handled at the Central Bank.

This requirement is part of the regulation process as enshrined in the Payments and Settlements Act.

In his keynote address at the Mobile Technology for Development Conference in Accra, the Head of Payment Systems at Bank of Ghana, Dr Settor Amediku stated, “All Fintechs are to use 50 % of verifiable assets as part of the paid-up capital for the new capital requirements and the 50% will be held at the Bank of Ghana”.

In continuation, he said, “In addition, the governance framework and infrastructure requirement deadline have also been extended to December 2020”.

Dr Amediku expressed these remarks on behalf of Dr Ernest Addison, Governor of BoG.

Speaking at the event, Dr Mahamudu Bawumia, the Vice President of the Republic of Ghana called for support for the proposed Universal QR code which will facilitate easy payment for services.

Dr Bawumia emphasized, “We are going ahead with the innovation where the Universal code will become very important for the financial inclusion drive. The government needs your collaboration because when we launch this product in about two weeks, Ghana will be the first country in Africa to have such an innovative product with operability. We’re bringing in the standards to make it interoperable”.

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