Payment Systems and Services ACT 2019, (ACT 987)
Secction 13: The Bank of Ghana may revoke a payment system licence or authorisation where
(a) any other licence or authorisaüon related to payment services or issuance of electronic money is revoked under any other law;
(b) the payment service provider or electronic money issuer refuses to permit an inspection or provide information required by the Bank of Ghana;
(c) the payment service provider or electronic money issuer provides false or misleading information for purposes of applying for the licence or authorisation;
(d) the payment service provider or electronic money issuer fails to comply with the terms and conditions of the licence or authorisation;
(e) the payment service provider or electronic money issuer engages in a pattern of unsafe or unsound practices that
(i) threaten the financial condition of the payment service provider or electronic money issuer; or
(ii) is detrimental to the interests of users and other providers;
(D the payment service provider or electronic money issuer is insolvent under any law or as determined by a court of competent jurisdiction;
(g) the payment service provider or electronic money issuer ceases to carry on the business of payment services in the country or goes into liquidation, is wound up, or is dissolved;
(h) the payment service provider or electronic money issuer does not provide payment services or issue electronic money within six months from the date on which the authorisation was given or licence was issued;
(i) the payment service provider or electronic money issuer ceases to engage in the payment service or electronic money business for more than six months;
(i) the payment service provider or elecffonic money issuer constitutes a threat to the stability of the payment system by continuing its payment services or electronic money business; or
(k) the revocation of the licence or authorisation of that payment service provider or electronic money issuer is desirable to protect the interests of consumers.
(2) Subsection (1) does not limit the power of the Bank of Ghana to take any other remedial or penal action agamst a payment service provider or an electronic money issuer.
(3)Where the Bank of Ghana proposes to revoke the licence of a payment service provider or an authorisation of an electronic money issuer under subsection (1), the Bank of Ghana shall
(a) give notice in writing to the payment service provider or electronic money issuer;
(b) specify the proposed action and the grounds on which the action is proposed to be taken; and
(c) givethepaymentservice provider or electronic money issuer an opportunity to make written presentation within the days specified in the notice.
(4) After the expiry of the notice period and considering the representations made by the payment service provider or electronic money issuer, the Bank of Ghana may
(a) decide whether to take the proposed action; or
(b) vary the proposed action as the Bank of Ghana considers appropriate; and
(c) communicate the decision of the Bank of Ghana to the payment service provider or electronic money issuer.
(5) Where the Bank of Ghana revokes the authorisation or licence of a payment service provider or an electronic money issuer, that payment service provider or electronic money issuer shall cease to carry on the payment sewice business and surrender the authorisation or licence to the Bank of Ghana.
(6) A payment service provider or electronic money issuer shall arrange to pay customers all their electronic moneys held, within ten days, upon a revocation of the licence or authorisation.
(7) A payment sexvice provider or electronic money issuer who contravenes subsection (6), is liable to pay to the Bank of Ghana an adminisÃœative penalty of two thousand penalty units within ten days of the contravention and an additional penalty of forty penalty units for each day that the contravention continues.
Procedure to Follow
The company must undertake the following practical steps to qualify for a casino license in Ghana. It must be emphasized that the steps listed, though briefly stated, are non-negotiable and must be complied with at all costs in compliance with the Gaming Act.
Procedures Include:
- The company must be an established company registered under the Companies Act, 2019 (Act 992).
- The company must be registered with a minimum capital of US$2,500,000.00 and must agree to maintain an amount of cash or cash equivalent determined by the Gaming Commission of Ghana.
- The company must register with the Ghana Revenue Authority (GRA) and obtain a tax clearance certificate. The tax clearance certificate is a must do requirement of the application process.
- The company must register with Social Security and National Insurance Trust (SSNIT) and obtain a SSNIT clearance certificate. The SSNIT clearance certificate is a mandatory requirement of the application process.
- The company must have an identifiable office.
- The company must have a service mark logo registered with the Registrar of Companies in Ghana.
- The entity shall be partly or wholly Ghanaian owned. Section 14 of the Gaming Act, 2006 (Act 721) makes it mandatory for the company to be partly or wholly Ghanaian owned.
- The dirctors of the company shall be submitted to
criminal background checks by the Criminal Investigation Department (CID) of
the Ghana Police Service.
Further, as part of the application process, the entity is expected to provide the following additional documents: - Shareholders agreement.
- Financial and marketing plan that details the following
- Evidence of financial capability to generate the business
- Capital budgets
- 5-year financial projection and the assumptions made in considering the figures
- Marketing and financial plan
- The Directors shall submit a Personality Note (PN) and Anti-Money Laundering (AML) policy document.
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Responsible Institution
28th February Road, Finance Drv, Accra
- Email: info@mofep.gov.gh
- Website: www.mofep.gov.gh
- GPS: GA-144-2024
- Telephone: +233 302 747 197
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