Payment Systems and Services ACT 2019, (ACT 987)
Section 20: A payment service provider shall have
(a) an appropriate and tested technology system which is equipped with fraud monitormg and detection tools;
(b) a valid third-party certification from a reputable certification authority or body on compliance status with relevant standards determined by the Bank of Ghana;
(c) a system which is capable of interoperating with other payment systems in the country when required; and (d) a cyber-security policy, where applicable.
(2) A payment service provider shall ensure that a transaction against an account of a customer is authorised by the account holder.
(3) A payment service provider shall use appropriate authentication medium approved by the Bank of Ghana.
(4) A payment service provider shall notify a customer of a transaction on the account of that customer through electronic notification or a physical receipt.
(5) A notice given under subsection (4), shall provide at least the following information:
(a) the transaction amount,
(b) the transaction type,
(c) a unique transaction reference,
(d) the date and time of the transaction,
(e) the identifying details of the recipient of an outbound transaction or of the sender of an inbound transaction, and CD any fees charged.
(6) Settlement shall take place agamst pre-funded accounts at intervals determined by the Bank of Ghana.
(7) A payment service provider shall ensure that the following minimum systems and controls are in place for the operations of the payment service provider:
(a) sound and prudent management, administrative and accounting procedures and adequate internal control systems;
(b) appropriate security policies and measures intended to safeguard the integrity, authenticity and confidentiality of data and operating processes;
(c) adequate business continuity capabilities and appropriate disaster recovery planning; and
(d) effective audit functions to provide a periodic review of the security control environment and critical systems.
(8) A payment service provider shall ensure that the system maintains a complete audit log of all user activities for at least six years.
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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