Payment Systems and Services ACT 2019, (ACT 987)
Section 12: The Bank of Ghana may suspend a payment system licence or authorisation where
(a) the Bank of Ghana is satisfied that a payment service provider has failed to meet infrastructure requirements or any other requirements specified by the Bank of Ghana;
(b) the Bank of Ghana is satisfied that the affairs of that payment service provider are being conducted i_n a manner that is to the interests of the payment system; or
(c) the payment service provider is required to suspend service under any other law.
(2) Subject to subsection (l), where the Bank of Ghana proposes to suspend a licence or authorisation, the Bank of Ghana shall give notice in writing to the licensee or the authorised institution to show cause why the licence or authorisation should not be suspended.
(3) Where the licensee or authorised institution fails to show cause within the period specified in the notice to the satisfaction of the Bank of Ghana, the Bank of Ghana may
(a) suspend the licence or authorisation; or
(b) make any other order as the Bank of Ghana considers appropriate.
(4) Without limiting paragraph (b) of subsection (3), the Bank of Ghana shall take any action it considers appropriate against a person whose licence or authorisation is suspended to protect the interest of customers.
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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