Non Bank Financial Institutions Act, 2008 (Act 774)
section 5:(1) The Bank in considering an application for a licence
under section 4, shall conduct investigations that it considers necessary to ascertain
(a) the validity of the documents submitted under section 4 (1) and (2);
(b) the financial status and history of the applicant;
(c) the nature of business of the applicant including the range of services and products proposed;
(d) the suitability of significant shareholders and directors of the applicant in line with the Bank's "fit and proper person" test as defined in this Act;
(e) the competence and integrity of persons proposed to occupy key management positions;
(f) the adequacy of the applicant's capital structure, earning prospects, business plans, and financial plans in line with levels specified by the Bank; and
(g) any other matter which the Bank may regard as relevant to the application.
(2) Within ninety days after the receipt of an application, or where additional information or clarification had been sought, after the receipt of the additional information or clarification, the Bank may if it is satisfied that the application is in accordance with this Act, and the specified fee has been paid
(a) issue a licence to an applicant to carry on business;
(b) refuse to issue the licence if not satisfied and inform the applicant of the refusal giving reasons for the refusal; or (c) issue the licence on conditions that it considers necessary.
(3) Where a licence is issue on condition, the Bank may vary the condition as it considers appropriate.
Procedure to Follow
Section 4: (1) An application for a licence to provide a service specified in the First Schedule, shall be
(a) made in writing in the form determined by the Bank for that purpose, and
(b) submitted to the Bank for consideration.
(2) The application shall be accompanied with
(a) certified copies of its regulations or other instruments of incorporation of the applicant;
(b) full particulars of and detailed and clear definition of activities it proposes to carry out;
(c) details of registered place of business, a principal place of business accessible to the public and suitable for the services contemplated and a description of other places where it proposes to do business, and the areas it proposes to serve;
(d) financial data which include financial statements and feasibility reports which contain among others a business plan and financial projections for the first five years of operations;
(e) documentary evidence of sources of funds for the proposed business;
(f) names, addresses, occupations and corporate affiliations of persons who hold or intend to hold significant shareholdings directly or indirectly, in the proposed business and the respective values of their shareholdings or proposed shareholdings;
(g) particulars, including backgrounds and business interests, of directors and key management personnel concerned with the management of the business;
(h) other information that relates to the viability of the business; (i) information on other matters that the applicant considers relevant to its application;
(;) other additional information which the Bank considers relevant for the determination of the application; and
(k) a non-refundable application fee specified by the Bank.
(3) The application shall be signed by the members of the board of directors or other governing body of the applicant, or by any representatives of the applicant legally authorized to sign the application.
Responsible Institution
Accra Central
- Email: info@bog.gov.gh
- Website: www.bog.gov.gh
- GPS: GA-065-3452
- Telephone: 233302666174
Relevant Forms to Download
Online System
Fees/ charges
Not Avaiable
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