Payment Systems and Services ACT 2019, (ACT 987)
Section 24: A body corporate other than one regulated under the Banks and Specialised-Deposit-Taking Institutions Act, 2016 (Act 930) which seeks to engage in electronic money business shall apply to the Bank of Ghana in the forrn prescribed by the Bank of Ghana.
(2) An application under subsection (l) shall be accompanied with (a) information about the applicant and the business organisation of the applicant;
(b) a list of the current or proposed significant shareholders of the applicant and the percentages of shares owned or to be owned by each shareholder;
(c) the proposed electronic money services or products that the applicant intends to offer;
(d) a business plan;
(e) financial projections for its proposed electronic money operations for the first five years indicating the intended initial geographical coverage of the service, including agent coverage;
CD an expansion plan, where applicable
(g) information on all bank accounts to be used in the conduct of the electronic money operations;
(h) a valid registration certificate obtained from the Data Protection Commission or any entity authorised by law to permit the entity to control data;
(i) documentary evidence of capital of the proposed electronic money business including the original sources of funds and any other sources of funds; and
(j) any other information that the Bank of Ghana may require.
(3) The Bank of Ghana shall, within ninety days from the date of receipt of a complete application, grant or reject the application.
(4) The Bank of Ghana may reject an application for a licence under subsection (l) where
(a) The applicant or any of its significant shareholders has been convicted of a crime involving a fmancial transaction in any jurisdiction within the past ten years;
(b) the application contains false or misleading information;
(c) The applicant fails to respond to a request from the Bank of Ghana for additional information within thirty days of a second request for the same information;
(d) The documents submitted by the applicant are incomplete; or (e) the Bank of Ghana on reasonable grounds is convinced that the applicant is incapable ofperforming the functions under this Act.
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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