Ghana Act or statute

Parliament of Ghana

Payment Systems and Services Act, 2019 (Act 987)

This Act applies to banks, specialised deposit-taking institutions, dedicated electronic money issuers, payment service providers, and certain affiliates and agents. This section says the Act must…

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Jurisdiction: Ghana
Structure: 77 provisions
Citation: Act 987
Dates: Undated source snapshot

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Purpose and legislative effect

“This Act applies to banks, specialised deposit-taking institutions, dedicated electronic money issuers, payment service providers, and certain affiliates and agents.”

This Act applies to banks, specialised deposit-taking institutions, dedicated electronic money issuers, payment service providers, and certain affiliates and agents. This section says the Act must be read together with certain listed enactments and, unless the Act says otherwise, must not derogate from the Bank of Ghana Act, 2002. The Bank of Ghana has supervisory and regulatory authority over payment, clearing and settlement systems. The Bank of Ghana must establish a Payment Systems Advisory Committee, which advises on payment systems regulation, oversight, standards, and related clearing and settlement issues. The committee must meet at least twice a year, and the chairperson handles meeting timing and extraordinary meetings when properly requested.

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Application of this Act

This Act applies to banks, specialised deposit-taking institutions, dedicated electronic money issuers, payment service providers, and certain affiliates and agents.

Section 1

Technology, security and controls Licensing and Authorisation of Electronic Money Issuers

Payment service providers must maintain specified technology and security controls, notify customers of transactions, use Bank of Ghana-approved authentication, and keep audit logs for at least six years.

Section 20

Transfer and termination of electronic money services Oversight and Reporting Requirements of Electronic Money Issuers and Payment Service Providers

Electronic money service licences cannot be transferred without Bank of Ghana approval, and an issuer must get prior approval for name or ownership changes.

Section 39

Obligation to make funds available upon transfer

The beneficiary institution must make transferred funds available to the beneficiary within the agreed time limit, or if none is agreed, within the system’s standard time limit.

Section 58

Cessation of participation in clearing house

Section 77 appears to concern cessation of participation, but the provided text is truncated.

Section 77

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Showing 77 of 77 provisions

Provision 57Offence 19Amendment

§ 1Application of this ActProvision

This Act applies to banks, specialised deposit-taking institutions, dedicated electronic money issuers, payment service providers, and certain affiliates and agents.

Section 1—Application of this Act This Act applies to (a) a bank, (b) a specialised deposit-taking institution, (c) a dedicated electronic money issuer, (d) a payment service provider, (e) an affiliate of a bank, a specialised deposit-taking institution or a financial holding company, and (f) an agent of a bank, a specialised deposit-taking institution, a dedicated electronic money issuer or a payment service provider.

Section 1Verify source

§ 2Application of relevant enactmentsProvision

This section says the Act must be read together with certain listed enactments and, unless the Act says otherwise, must not derogate from the Bank of Ghana Act, 2002.

Section 2—Application of relevant enactments (1) This Act shall be read together with relevant enactments including in particular (a) the Bills of Exchange Act, 1961 (Act 55), (b) the Companies Act, 1963 (Act 179), 7 (c) the Bank of Ghana Act, 2002 (Act 612), (d) the Electronic Communications Act, 2008 (Act 775) (e) the Electronic Transactions Act, 2008 (Act 772), (f) the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), and (g) the Data Protection Act, 2012 (Act 843). (2) This Act shall not, except otherwise provided in this Act, derogate from the Bank of Ghana Act, 2002 (Act 612).

Section 2Verify source

§ 3Functions of the Bank of Ghana Payment Systems Advisory CommitteeProvision

The Bank of Ghana has supervisory and regulatory authority over payment, clearing and settlement systems.

Section 3—Functions of the Bank of Ghana (1) The Bank of Ghana shall have overall supervisory and regulatory authority in all matters relating to payment, clearing and settlement systems. (2) For the purposes of subsection (1), the Bank of Ghana shall be responsible for regulating the following matters relating to the payment, clearing and settlement systems: (a) promoting the safety and soundness of all payment, clearing and settlement systems; (b) regulating the issuance of electronic money, payment instrument, payment service providers and electronic money business; (c) promoting financial inclusion through the supervision of payment and settlement systems without risking the safety and soundness of the financial system; (d) establishing or facilitating financial market infrastructures in the interest of the public; (e) ensuring that financial services are extended beyond traditional branch-based channels to the domain of every day transactions; (f) ensuring that electronic money is only provided by authorised financial institutions regulated under the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) and duly licensed non-bank entities which are engaged solely in the business of electronic money and activities related or incidental to the business of electronic money; (g) ensuring that customers of electronic money issuers benefit from adequate transparency, fair treatment and effective recourse mechanism; (h) dealing with unlawful or improper practices of payment service providers and electronic money issuers; (i) formulating, monitoring and reviewing policies on the payment system; (h) determining general and specific payment conditions, standards, rules or procedures under this Act and any other implementing measures regarding a licensee or an authorised person and its activities to ensure that conditions, standards, rules or procedures are complied with; (k) issuing authorisation to banks and specialised deposittaking institutions; (l) issuing of licences to non-bank financial institutions; 8 (m) granting approval to foreign entities with respect to establishment of representative offices; and (n) any other payment system or product the Bank of Ghana may determine. (3) The supervisory functions of the Bank of Ghana under this Act shall be carried out through the supervisory structures established by the Bank of Ghana, (4) The Bank of Ghana may authorise the heads of the supervisory structures or any other persons to do an act or exercise a power that the Bank of Ghana considers appropriate in order to carry out the responsibilities of the Bank of Ghana under this Act. (5) The Bank of Ghana may appoint a person to perform specified activities in relation to the payment and settlement systems in accordance with the Bank of Ghana Act, 2002 (Act 612). Payment Systems Advisory Committee

Section 3Verify source

§ 4Payment Systems Advisory CommitteeProvision

The Bank of Ghana must establish a Payment Systems Advisory Committee, which advises on payment systems regulation, oversight, standards, and related clearing and settlement issues.

Section 4—Payment Systems Advisory Committee (1) In furtherance of subsection (2) of section 3, the Bank of Ghana shall establish a Payment Systems Advisory Committee. (2) The Payment Systems Advisory Committee shall advise the Bank of Ghana on the following: (a) the regulation and oversight of the payment systems; (b) operational and technical stands of payment systems; and (c) any other matter affecting payment services clearing and settlement of payments. (3) The Payment Systems Advisory Committee shall consist of (a) the Governor of the Bank of Ghana or in the absence of the Governor, a Deputy Governor as the chairperson; (b) one representative each of the following institutions not below the rank of a Director: (i) National Information Technology Agency; (ii) Ministry of Finance; and (c) six other members of relevant stakeholders determined by the Bank of Ghana. (4) A member of the Payment Systems Advisory Committee shall hold office for a period of four years and is eligible for re-appointment for another term only. (5) Subsection (4) does not apply to the Governor of the Bank of Ghana or the alternate of the Governor of the Bank of Ghana. (6) Members of the Payment Systems Advisory Committee shall be appointed by heads of relevant stakeholder institutions.

Section 4Verify source

§ 5Meetings of the Payment Systems Advisory CommitteeProvision

The committee must meet at least twice a year, and the chairperson handles meeting timing and extraordinary meetings when properly requested.

Section 5—Meetings of the Payment Systems Advisory Committee (1) The Payment Systems Advisory Committee shall meet at least twice in a year for the despatch of business at the times and places determined by the chairperson. 9 (2) The chairperson shall at the request in writing of not less than one-third of the membership of the Payment Systems Advisory Committee convene an extraordinary meeting of the Committee at the place and time determined by the chairperson. (3) The quorum at a meeting of the Payment Systems Advisory Committee is six members of the Committee or a greater number determined by the Committee in respect of a particular matter. (4) The chairperson shall preside at meetings of the Payment Systems Advisory Committee and in the absence of the chairperson, the alternate of the chairperson shall preside. (5) Matters before the Payment Systems Advisory Committee shall be decided by a majority of the members present and voting, and in the event of an equality of votes, the person presiding shall have a casting vote. (6) The Payment Systems Advisory Committee may co-opt a person to attend a meeting of the Payment Systems Advisory Committee but that person shall not vote on a matter for decision at the meeting. (7) The validity of any proceedings of the Payment Systems Advisory Committee shall not be affected by any vacancy among its members or by any defect in the appointment of any of the members. (8) The Payment Systems Advisory Committee shall, subject to this Act, regulate the procedure for its meetings. (9) Members of the Payment Systems Advisory Committee shall be paid allowances approved by the Bank of Ghana.

Section 5Verify source

§ 6Disclosure of interest Licensing and Authorisation of Payment Service ProvidersProvision

Committee members with a conflict of interest must disclose it and stay out of the related deliberations.

Section 6—Disclosure of interest (1) A member of the Payment Systems Advisory Committee who has an interest in a matter for consideration shall (a) disclose the nature of the interest and the disclosure shall form part of the record of the consideration of the matter; and (b) not participate in the deliberations of the Payment Systems Advisory Committee in respect of that matter. (2) A member ceases to be a member of the Payment Systems Advisory Committee if that member has an interest in a matter before the Payment Systems Advisory Committee and (a) fails to disclose that interest; or (b) participates in the deliberations of the Payment Systems Advisory Committee in respect of that matter. (3) Where there is a vacancy under subsection (2), the Bank of Ghana shall notify the head of the relevant agency to appoint a person to fill the vacancy. Licensing and Authorisation of Payment Service Providers

Section 6Verify source

§ 7Operation as a payment service providerProvision

Most body corporates need a payment system licence from the Bank of Ghana before operating a payment system or providing payment services. Licensed payment service providers may offer the listed services.

Section 7—Operation as a payment service provider 10 (1) A body corporate other than a body corporate regulated under the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) shall not operate a payment system or provide a payment service without a payment system licence issued by the Bank of Ghana in accordance with this Act. (2) A person who is licensed as a payment service provider by the Bank of Ghana in accordance with this Act may provide the following services: (a) clearing of payment instructions among financial and nonfinancial institutions; (b) settling of obligations arising from the clearing of payment instructions; (c) transfer of funds from one account to another using any electronic means; (d) transfer of electronic money from one electronic device to another; (e) provision of technological services to facilitate switching, routing, clearing and data management; (f) facilitation of interoperability of payment systems and services among payment systems providers; (g) provision of electronic payment services to the unbanked and under-banked population; (h) establishing a payment clearing house; (i) provision of financial communication network; (j) issuing of electronic payment instruments; (k) issuing of prepaid cards, credit cards and debit cards; (l) payment system aggregation function; (m) provision of any electronic platform for payment or receipt of funds; (n) printing of non-cash paper payment instrument; or (0) any other service prescribed by the Bank of Ghana.

Section 7Verify source

§ 8Application for a payment system licenceProvision

A body corporate that wants to operate as a payment service provider must apply to the Bank of Ghana for a payment system licence and meet the stated application, ownership, and eligibility requirements.

Section 8—Application for a payment system licence (1) A body corporate which intends to operate as a payment service provider shall apply in a prescribed form for a payment system licence. (2) An application made under subsection (1) shall (a) set out the nature and functionality of the proposed payment services that will be made available to customers, and (b) contain sufficient information to enable the Bank of Ghana to evaluate the requirements including (i) information about the applicant and the business organisation of the applicant; (ii) a list of the current or proposed significant shareholders of the applicant and the percentages of shares owned or to be owned by each; 11 (iii) proposed payment services or products to be made available to customers; (iv) a business plan; (v) financial projections for its proposed payment services operations for the first five years indicating the intended initial geographical coverage of the service, including agent coverage where applicable; (vi) an expansion plan, where applicable; (vii) information on all bank accounts to be used in the conduct of payment services where applicable; and (c) be accompanied with (i) a valid registration certificate obtained from the Data Protection Commission or any entity authorised by law to permit the entity to control data; and (ii) any other information that the Bank of Ghana may require. (3) An applicant is eligible to be licensed or have a licence renewed as a payment service provider if that applicant satisfies the requirements specified under sections 18, 19, 20, 44 and 47. (4) An applicant shall have at least a thirty percent equity participation of a Ghanaian. (5) The Bank of Ghana may, within ninety days following receipt of a complete application or where further information has been required, after receipt of the information, grant or refuse the application. (6) The Bank of Ghana may grant a licence where the Bank of Ghana is satisfied that the applicant has met the requirements for a licence specified under sections 18, 19, 20, 44 and 47, and any other requirement specified by the Bank of Ghana. (7) The Bank of Ghana may, where it grants a licence, impose terms and conditions, as the Bank of Ghana considers appropriate. (8) The Bank of Ghana may reject the application for a licence where (a) the applicant or any of its significant shareholders has been convicted of a crime involving a financial transaction in any jurisdiction within the past ten years; or (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 of performing the functions under this Act. (9) An applicant whose application is rejected may re-submit the application if the deficiencies that formed the basis for refusal of the initial application have been rectified.

Section 8Verify source

§ 9Carrying on payment service business without a licenceOffence

Carrying on payment service business without a licence is an offence, and convicted persons must stop the payment services immediately.

Section 9—Carrying on payment service business without a licence 12 (1) A person who carries out payment service business without a licence commits an offence and if that person is (a) an individual, is liable on summary conviction to a fine of not less than two thousand penalty units and not more than four thousand penalty units or to a term of imprisonment of not less than four years and not more than seven years, or to both; or (b) a body corporate, is liable on summary conviction to a fine of not less than four thousand five hundred penalty units and not more than seven thousand penalty units. (2) A person who is convicted of an offence under subsection (1) shall immediately cease the operations of payment services.

Section 9Verify source

§ 10Application for payment systems authorisationProvision

Certain regulated bodies must not run a payment service business unless they apply to the Bank of Ghana for authorisation.

Section 10—Application for payment systems authorisation (1) A body corporate regulated under the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) shall not engage in a payment service business unless that body corporate applies for authorisation from the Bank of Ghana. (2) An application under subsection (1) shall (a) be in the prescribed form, (b) set out the nature and functionality of the proposed payment services that will be made available to customers, and (c) contain sufficient information to enable the Bank of Ghana evaluate the requirements including (i) the proposed payment services that the applicant intends to offer; (ii) a business plan; (iii) financial projections for the first five years for the proposed payment services indicating the intended areas of activities, initial geographical coverage of the service, including agent coverage where applicable; (iv) an expansion plan, where applicable; and (v) any other information that the Bank of Ghana may require, (3) An applicant may be granted authorisation or have its authorisation renewed as a payment service provider if the applicant satisfies the requirements specified in sections 18, 19, 20, 44 and 47. (4) The Bank of Ghana shall, within ninety days from the date of receipt of a complete application, grant or refuse an application for payment services authorisation. (5) The Bank of Ghana may reject an application for authorisation where (a) the application contains false or misleading information; (b) 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; (c) the documents submitted by the applicant are incomplete; or 13 (d) the Bank of Ghana on reasonable grounds is convinced that the applicant is incapable of performing the functions under this Act.

Section 10Verify source

§ 11Carrying on the business of payment service without authorisationOffence

A regulated body corporate that provides payment services without Bank of Ghana authorisation must pay an administrative penalty and stop the payment service operations immediately.

Section 11—Carrying on the business of payment service without authorisation (1) A body corporate regulated under the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) that carries on the business of payment services without authorisation from the Bank of Ghana is liable to pay to the Bank of Ghana an administrative penalty of five thousand penalty units. (2) A body corporate which is liable under subsection (1), shall immediately cease the operations of payment services.

Section 11Verify source

§ 12Suspension of a payment system licence or authorisationProvision

The Bank of Ghana may suspend a payment system licence or authorisation in specified cases, but it must first give written notice and an opportunity to show cause.

Section 12—Suspension of a payment system licence or authorisation (1) 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 in a manner that is detrimental 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 (1), 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.

Section 12Verify source

§ 13Revocation of a payment system licence or authorisationOffence

The Bank of Ghana may revoke a payment system licence or authorisation for listed reasons, and if it proposes revocation it must give written notice and a chance to make written representations.

Section 13—Revocation of a payment system licence or authorisation (1) The Bank of Ghana may revoke a payment system licence or authorisation where (a) any other licence or authorisation 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; 14 (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; (f) 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; (j) the payment service provider or electronic 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 against 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) give the payment service 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 service business and surrender the authorisation or licence to the Bank of Ghana. 15 (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 service provider or electronic money issuer who contravenes subsection (6), is liable to pay to the Bank of Ghana an administrative 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.

Section 13Verify source

§ 14Publication of notice of revocationProvision

If a licence or authorisation is revoked under section 13, the Bank of Ghana must publish a revocation notice within five working days and take other steps to inform the public.

Section 14—Publication of notice of revocation Where a licence or authorisation is revoked under section 13, the Bank of Ghana shall (a) within five working days, following the date of revocation, publish a notice of revocation in the Gazette, a newspaper of national circulation and on the website of the Bank of Ghana; and (b) take any other steps necessary to inform the general public of the revocation.

Section 14Verify source

§ 15Prohibited conduct for payment service providerProvision

Payment service providers must not do anything likely to cause systemic risk or harm the payment system’s integrity, effectiveness, or security.

Section 15—Prohibited conduct for payment service provider (1) A payment service provider shall not engage in any act which is likely to (a) result in systemic risk; or (b) affect the integrity, effectiveness or security of the respective payment system. (2) The Bank of Ghana shall direct a payment service provider or a participant who has engaged in a prohibited act under subsection (1), to rectify the defect in a manner that the Bank of Ghana considers appropriate. (3) The Bank of Ghana shall revoke the licence or authorisation of a payment service provider or a participant who fails to rectify the defect as directed by the Bank of Ghana under subsection (2).

Section 15Verify source

§ 16Cessation to hold officeOffence

A director or key management personnel of a payment service provider must stop holding office if specified events occur, and may not manage another payment service provider after revocation unless the Bank of Ghana approves.

Section 16—Cessation to hold office (1) A director or key management personnel of a payment service provider shall cease to hold office, in case of (a) bankruptcy; (b) conviction for an offence involving fraud or dishonesty; (c) removal from office by a competent authority; or (d) unsound mind determined by a court of competent jurisdiction. (2) A director or key management personnel of a payment service provider, whose licence or authorisation is revoked, shall not without the approval of the Bank of Ghana, act in the management of any other payment service provider. (3) A director or key management personnel of a payment service provider who contravenes subsection (1) or (2) is liable to pay to the Bank of Ghana an administrative penalty of two thousand penalty units.

Section 16Verify source

§ 17Capital requirementsOffence

Payment service providers must keep minimum paid-up capital while operating in the country.

Section 17—Capital requirements 16 (1) A payment service provider shall ensure that while in operation, it maintains in the country a minimum paid-up capital unimpaired by losses including accumulated losses or other adjustments as determined by the Bank of Ghana. (2) A payment service provider who fails to maintain the required minimum paid-up capital stipulated under subsection (1) shall (a) submit a plan to the Bank of Ghana for approval as to how the payment service provider intends to restore the paid-up capital to the required minimum level; and (b) pay to the Bank of Ghana, on each day that the deficiency continues, a penalty of one-half per mille, of the difference between the capital that the payment service provider should have maintained and the level of capital actually maintained by the payment service provider. (3) The Bank of Ghana may suspend the licence of a payment service provider or take other punitive action as the Bank of Ghana considers appropriate where the deficiency is not rectified within one hundred and twenty days after it has occurred.

Section 17Verify source

§ 18Governance arrangementsProvision

Payment service providers must maintain specified board and governance arrangements, and some banks or specialised deposit-taking institutions have extra oversight and management duties.

Section 18—Governance arrangements (1) A payment service provider shall have a board of directors with a minimum of three members, at least two of whom, including the chief executive officer, shall be resident in the country. (2) A payment service provider shall provide the biographical information on the board of directors and key management personnel to the Bank of Ghana. (3) A member of a board of directors shall be a fit and proper person and have the necessary experience and qualifications to perform the functions of that member. (4) The board of directors of a payment service provider shall be responsible for strategic decisions, effective oversight, risk management, compliance and internal control functions. (5) A payment service provider shall furnish the Bank of Ghana with an organisational chart showing (a) the span of control and lines of responsibility; (b) the decision making procedures; (c) the reporting and communication lines; (d) the systems for monitoring internal controls; and (e) the board of directors oversight of the governance system. (6) The key management personnel of a payment service provider shall be responsible for maintaining an effective system of operations with regard to payment services. (7) A payment service provider shall disclose to the Bank of Ghana details of the external auditors of that payment service provider and any relation to the directors, key management personnel or shareholders. (8) In the case of a bank or specialised deposit-taking institution, the bank or specialised deposit-taking institution shall 17 (a) constitute a sub-committee of the board of directors to exercise oversight of the payment system; and (b) designate an officer to manage the operations.

Section 18Verify source

§ 19FeesProvision

A licensed or authorised body corporate must pay a processing fee, a licence fee, and an annual renewal fee.

Section 19—Fees A body corporate licensed or authorised under this Act shall pay a processing fee, licence fee and annual renewal fee.

Section 19Verify source

§ 20Technology, security and controls Licensing and Authorisation of Electronic Money IssuersProvision

Section 20—Technology, security and controls (1) A payment service provider shall have (a) an appropriate and tested technology system which is equipped with fraud monitoring 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 (f) any fees charged. (6) Settlement shall take place against 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; 18 (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. Licensing and Authorisation of Electronic Money Issuers

Section 20Verify source

§ 21Engagement in electronic money businessProvision

Only the listed, authorised or licensed entities may engage in electronic money business, and they must comply with this Act.

Section 21—Engagement in electronic money business Subject to this Act, the following may engage in electronic money business: (a) a body corporate regulated under the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) and authorised under this Act; or (b) a payment service provider or a dedicated electronic money issuer licensed under this Act.

Section 21Verify source

§ 22Authorisation of electronic money issuerOffence

A regulated body corporate may not do electronic money business without Bank of Ghana authorisation, must apply in the prescribed form, and the Bank must decide a complete application within 90 days.

Section 22—Authorisation of electronic money issuer (1) A body corporate regulated under the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) shall not engage in electronic money business without authorisation from the Bank of Ghana. (2) A body corporate which seeks to engage in electronic money business shall apply to the Bank of Ghana in the form prescribed by the Bank of Ghana. (3) An application under subsection (2) shall (a) set out the nature and functionality of the proposed electronic money operations that will be made available to electronic money holders; and (b) contain sufficient information to enable the Bank of Ghana evaluate the requirements including (i) information on the proposed electronic money services to be offered; (ii) a business plan; (iii) financial projections for the first five years for its proposed electronic money operations indicating the intended areas of activities, initial geographical coverage of the service, including agent coverage; (iv) an expansion plan, where applicable; and (v) any other information that the Bank may require. (4) An applicant may be granted authorisation or have its authorisation renewed as an electronic money issuer if the applicant satisfies the requirements specified in Section 18, 19, 20, 44 and 47. 19 (5) The Bank of Ghana shall, within ninety days from the date of receipt of a complete application, grant or refuse an application for authorisation to engage in electronic money business. (6) A body corporate that engages in an electronic money business without authorisation from the Bank of Ghana commits an offence and is liable on summary conviction to a fine of not less than four thousand penalty units and not more than seven thousand penalty units. (7) A person who is convicted of an offence under subsection (6), shall immediately cease the issuance of electronic money.

Section 22Verify source

§ 23Operation as dedicated electronic money issuer 2Provision

The Bank of Ghana may not issue a licence to operate as a dedicated electronic money issuer unless the applicant meets the listed requirements.

Section 23—Operation as dedicated electronic money issuer The Bank of Ghana shall not issue a licence to a person to operate as a dedicated electronic money issuer unless that person complies with the following requirements: (a) the person is incorporated as a limited liability company under the Companies Act, 1963 (Act 179); (b) the person includes a provision in its Regulations of Incorporation to the effect that electronic money owed to the customers are held in trust and shall not be encumbered in case of insolvency or liquidation; (c) the significant shareholders and directors of the company are fit and proper persons; (d) the person engages only in the business of electronic money and other activities related or incidental to the business of electronic money, such as money transfer or remittance; (e) the person establishes a separate entity incorporated exclusively for the purpose of operating a dedicated electronic money business if that person is engaged in activities not related or incidental to electronic money; (f) the person has at least a thirty percent equity participation of a Ghanaian; (g) the person has a customer float account holding bank; and (h) the person has complied with any other requirement determined by the Bank of Ghana.

Section 23Verify source

§ 24Licensing of dedicated electronic money issuerProvision

Some companies must apply to the Bank of Ghana before engaging in electronic money business, and the Bank must decide a complete application within 90 days.

Section 24—Licensing of dedicated electronic money issuer (1) 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 form prescribed by the Bank of Ghana. (2) An application under subsection (1) 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; 20 (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; (f) 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 (1) where (a) the applicant or any of its significant shareholders has been convicted of a crime involving a financial 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 of performing the functions under this Act.

Section 24Verify source

§ 25Engaging in electronic money business without a licenceOffence

A person must not engage in electronic money business without a licence from the Bank of Ghana.

Section 25—Engaging in electronic money business without a licence A person who engages in electronic money business without a licence from the Bank of Ghana commits an offence and is liable on summary conviction, (a) in the case of an individual, to a fine of not less than one thousand five hundred penalty units and not more than three thousand penalty units, or to a term of imprisonment of not less than four years and not more than seven years or to both; or (b) in the case of a body corporate, to a fine of not less than two thousand five hundred penalty units and not more than five thousand penalty units.

Section 25Verify source

§ 26Contravention of terms of licence or authorisation Validity and Renewal of Licence or AuthorisationOffence

A person who breaches a licence or authorisation term as an electronic money issuer commits an offence.

Section 26—Contravention of terms of licence or authorisation A person who contravenes a term of the licence or authorisation as an electronic money issuer commits an offence and if that person is (a) an individual, is liable on summary conviction to a fine of not less than one thousand five hundred penalty units and not more than three thousand penalty units or to a term of imprisonment of not less than four years and not more than seven years, or to both; or 21 (b) a body corporate, is liable on summary conviction to a fine of not less than two thousand five hundred penalty units and not more than five thousand penalty units. Validity and Renewal of Licence or Authorisation

Section 26Verify source

§ 27Validity and renewal of licence or authorisation granted under this Act Review and AppealProvision

A licence or authorisation under this Act lasts five years and can be renewed. The holder may apply to the Bank of Ghana for renewal within six months before expiry, and the Bank may require a fee, compliance with conditions, a Tax Clearance Certificate, and other requested information.

Section 27—Validity and renewal of licence or authorisation granted under this Act (1) A licence issued or authorisation granted under this Act is valid for a period of five years subject to renewal until the licence or authorisation is suspended or revoked. (2) The holder of a licence or authorisation granted under this Act may, within six months before the expiration of the licence or authorisation, apply to the Bank of Ghana for renewal. (3) On receipt of an application under subsection (2), the Bank of Ghana may renew the licence or authorisation upon (a) the payment of a renewal fee; (b) the fulfillment of the terms and conditions applicable for the grant of licence or authorisation; (c) submission of a Tax Clearance Certificate; and (d) submission of any other information that the Bank of Ghana may require. (4) The Bank of Ghana may reject an application under subsection (2) if the Bank of Ghana is satisfied that the applicant has failed to comply with the conditions specified in the previous licence or authorisation. Review and Appeal

Section 27Verify source

§ 28Review and appeal procedure for refusal of licence or authorisation Issuance of Electronic MoneyProvision

An unsuccessful applicant may ask the Bank of Ghana to review the refusal within 30 days, then may appeal to the Chief Justice within 30 days if still dissatisfied.

Section 28—Review and appeal procedure for refusal of licence or authorisation (1) An applicant whose application has been refused under this Act may, within thirty days from the date on which the refusal is communicated, petition the Bank of Ghana in writing for a review. (2) The Bank of Ghana shall, within thirty days from the date of receipt of the petition, review the petition and inform the applicant of its decision. (3) Where the applicant is dissatisfied with the outcome of the review under subsection (2), the applicant may, within thirty days from the date of receipt of the decision, in writing, appeal to the Chief Justice. (4) The Chief Justice shall, on receipt of an appeal under subsection (3), constitute an adjudicative panel to review the decision of the Bank of Ghana. (5) An adjudicative panel constituted under subsection (4) shall comprise of (a) a chairperson who is a judge not below the rank of a Justice of the High Court, nominated by the Chief Justice; (b) one person with expert knowledge in payment systems with not less than ten years relevant experience nominated by the Payment Systems Advisory Committee; and 22 (c) a chartered accountant who has been in practice for a period of not less than ten years nominated by the Institute of Chartered Accountants. (6) The Chief Justice shall appoint members of the adjudicative panel. (7) The adjudicative panel shall adopt its own rules of procedure. (8) An appeal against the decision of the adjudicative panel shall lie to the High Court. (9) The expenses of the adjudicative panel including allowances of members of the adjudicative panel shall be borne equally by the Bank of Ghana and the applicant. Issuance of Electronic Money

Section 28Verify source

§ 29Issuance and redeemabilityOffence

Electronic money accounts and issuers must follow currency, interest, redemption, fee, and reporting rules, and some breaches trigger penalties.

Section 29—Issuance and redeemability (1) Electronic money accounts and transactions shall be denominated in Ghana Cedis. (2) An electronic money issuer shall (a) issue electronic money at par value on the receipt of funds; (b) upon request by the electronic money holder, redeem, at any time and at par value, the monetary value of electronic money held; and (c) pay not less than ninety per cent, or as determined by the Bank of Ghana, of the interest accrued, net of any fees or charges to electronic money holders. (3) Despite subsection (1), an electronic money account which is denominated in foreign currency shall be in compliance with the Foreign Exchange Act, 2006 (Act 723). (4) Despite paragraph (b) of subsection (2), a redemption may be subject to a fee if the payment of the fee is stated in the contract between the electronic money issuer and electronic money holder. (5) Fees and charges shall be the standard applicable to the account type. (6) An electronic money issuer who uses frivolous fees and charges or invents a new account type to hold electronic money float for the purposes of limiting the interest below that of other account types, is liable to pay to the Bank of Ghana an administrative penalty of three thousand penalty units. (7) The fees and charges shall not exceed the interest generated on the account such that the balance in the account falls below the total value of the part of the electronic money float held in the account. (8) Despite paragraph (c) of subsection (2), an electronic money issuer may retain any amount in excess of the minimum of ninety per cent interest or as determined by the Bank of Ghana. (9) An electronic money issuer may retain interest generated on over-the-counter transactions which are not associated with a given customer account. (10) For the purposes of transparency and accountability, interest shall be paid into a separate account referred to as the interest account held in the name of the pooled account. (11) Withdrawals from the interest account shall only be for distribution of interest. 23 (12) An electronic money issuer shall pay interest accrued on electronic money floats quarterly to the electronic money holders or as may be determined by the Bank of Ghana. (13) A dedicated electronic money issuer, or a payment service provider if applicable, shall within thirty days, submit a proposal to the Bank of Ghana for approval on how the dedicated electronic money issuer or the payment service provider intends to distribute the interest. (14) An electronic money issuer which fails to comply with the requirements of paragraph (c) of subsection (2), shall pay to the Bank of Ghana an administrative penalty of five thousand penalty units and have the respective licence suspended after one month of non-payment of interest.

Section 29Verify source

§ 30Permissible transactionsProvision

An electronic money system may be used for listed transactions, and the Bank of Ghana may restrict or lift those transaction limits in writing.

Section 30—Permissible transactions (1) An electronic money system may be used for the following: (a) domestic payments; (b) domestic money transfers, including transfers to and from bank accounts; (c) bulk transactions, including payments of salaries, benefits and pensions; (d) cash-in and cash-out transactions; (e) over-the-counter transactions; (f) inward international remittances in partnership with banks; (g) savings products in partnership with a bank or a specialised deposit-taking institution authorised by the Bank of Ghana; (h) credit products under-written by a licensed bank or specialised deposit-taking institution; (i) insurance products under-written by a licensed insurer; or (j) any other transaction determined by the Bank of Ghana. (2) The Bank of Ghana may, in writing, restrict the permissible transactions of electronic money issuers or payment service providers or remove the restrictions imposed as the Bank of Ghana considers appropriate. (3) Where a dedicated electronic money issuer or a payment service provider intends to perform any activity under the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), that dedicated electronic money issuer or payment service provider shall ensure that that activity is underwritten by a bank or specialised deposit-taking institution. (4) A dedicated electronic money issuer may, in addition to issuing electronic money, engage in any of the following activities: (a) the operation of payment systems, where the conditions of applicable rules, acts or notices are met; or (b) the provision of operational services and related ancillary services in respect of the issuing of electronic money.

Section 30Verify source

§ 31Prohibited activitiesOffence

Certain payment service providers and dedicated electronic money issuers must not carry out banking business or other activities banned by the Bank of Ghana, and must not treat airtime as electronic money except when it is expressed in monetary value.

Section 31—Prohibited activities 24 (1) A payment service provider or dedicated electronic money issuer which is not a bank or specialised deposit-taking institution shall not engage in the following activities: (a) banking business within the meaning of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930); or (b) any other activity prohibited by the Bank of Ghana. (2) A payment service provider or dedicated electronic money issuer shall not (a) count airtime as electronic money; or (b) use airtime for permissible transactions under this Act, unless the airtime is expressed in monetary value. (3) A payment service provider or a dedicated electronic money issuer who fails to comply with subsection (1) or (2) is liable to pay to the Bank of Ghana an administrative penalty of three thousand penalty units.

Section 31Verify source

§ 32Account types and transaction limitsOffence

Electronic money accounts must be categorised using a risk-based KYC approach, and account holders and issuers must stay within transaction limits set by the Bank of Ghana and the Second Schedule.

Section 32—Account types and transaction limits (1) Electronic money accounts shall be categorised, using a riskbased approach-so Know Your Customer as set out in the First Schedule. (2) The account balance and aggregate transaction of an electronic money account holder shall not exceed the limits stipulated by the Bank of Ghana for the account type. (3) An electronic money issuer shall ensure that the systems of the electronic money issuer are able to effectively enforce the permissible transaction limits. (4) An electronic money issuer shall permit an over-the-counter transaction that does not involve the use of a customer electronic money account subject to the transaction limits set out in the Second Schedule. (5) An electronic money issuer who fails to comply with the transaction limit specified in this section, is liable to pay to the Bank of Ghana an administrative penalty of five thousand penalty units.

Section 32Verify source

§ 33Dormant accountOffence

An electronic money account becomes dormant after 12 months without a registered transaction, and the issuer must notify, block, possibly terminate, and transfer funds under set conditions.

Section 33—Dormant account (1) An electronic money account that does not have a registered transaction on the electronic money account for a period of twelve consecutive months shall be considered dormant. (2) An electronic money issuer shall, in relation to an electronic money account which is considered dormant in accordance with subsection (1), adhere to the following: (a) give notice to the relevant customer through a short messaging service not less than one month before the period specified in subsection (1), that the electronic money account shall be suspended unless there is a transaction on the account; (b) block the electronic money account and not permit further transactions until the account is reactivated by the customer and supported by verifiable identification; 25 (c) give notice to the customer within two working days through a short messaging service that the electronic money account is blocked and provide instructions on the reactivation of the account; (d) terminate the electronic money account that is blocked for twelve months without reactivation by the customer; and (e) transfer the balance of an electronic money account that has been terminated along with identifying information into a separate account with a float holding bank or any other bank designated by the Bank of Ghana for a period of not more than three years. (3) A bank referred to in paragraph (e) of subsection (2), shall invest the funds of the electronic money accounts that have been terminated in safe Government securities and (a) retain ten percent of the interest earned, (b) remit ten per cent of the interest earned to the electronic money issuer, and (c) add the remaining eighty percent of the interest earned on the investments to the principal. (4) Where the period specified in paragraph (e) of subsection (2) has passed and the holder of the electronic money account has not made a claim within that period, the electronic money issuer shall transfer all the funds to the Bank of Ghana or an institution designated by the Bank of Ghana and retain all identifying information. (5) An electronic money issuer may, in the case of an electronic money account specified in paragraph (d) of subsection (2), disassociate the outstanding electronic money balance from the Mobile Station International Subscriber Directory Number of the account. (6) An electronic money issuer shall re-assign to a new customer a Mobile Station International Subscriber Directory Number that is linked to an electronic money account only when the electronic money account is terminated. (7) An electronic money issuer shall comply with this Act and any other directive issued by the Bank of Ghana in the treatment of dormant accounts. (8) An electronic money issuer who fails to comply with the provisions of this section, is liable to pay to the Bank of Ghana an administrative penalty of five thousand penalty units.

Section 33Verify source

§ 34Compliance requirementsOffence

Payment service providers and electronic money issuers must keep audit controls and records, block suspicious accounts, and follow notification and transition rules.

Section 34—Compliance requirements (1) A payment service provider shall put in place a system that has built-in control mechanisms for a complete audit trail. (2) The control mechanisms specified under subsection (1) shall include (a) complete records of electronic money accounts opened; (b) identifying electronic money users; (c) tracking and monitoring of all electronic money transactions undertaken by electronic money users; (d) tracking and monitoring of individual and aggregate balances held by electronic money holders; 26 (e) internal policies, procedures and accountability structures pertaining to anti-money laundering and combating financing of terrorism; (f) automatic alerts and flags on suspicious transactions; and (g) detection of suspicious transactions. (3) A payment service provider or an electronic money issuer shall (a) deactivate the electronic money account of a customer for two days when that customer swaps or replaces a Subscriber Identification Module card, and (b) re-activate the electronic money account after the customer presents a valid identification. (4) An electronic money issuer shall keep records of every electronic money transaction processed by the electronic money issuer for a minimum period of six years. (5) An electronic money issuer shall keep details of a transaction by a customer in a live environment for a period of not less than two months. (6) An electronic money issuer shall ensure that the systems of that electronic money issuer provide adequate data protection and data integrity. (7) An electronic money issuer shall block an electronic money account when there is a suspicious transaction. (8) A blocked account shall become operational after investigation. (9) A network service provider shall notify the Bank of Ghana, and electronic money issuers on the network of that service provider, seven days before the network service provider engages in an activity that may result in the unavailability of electronic money service delivery by the network service provider. (10) An electronic money issuer shall provide the Bank of Ghana with a roadmap to manage the transition of the activity that may result in the unavailability of electronic money service to customers. (11) An electronic money issuer who fails to comply with subsection (10), is liable to pay to the Bank of Ghana an administrative penalty of five thousand penalty units.

Section 34Verify source

§ 35Customer due diligence requirementsOffence

Electronic money issuers must follow customer due diligence, KYC, identity verification, and related onboarding checks, with a limited permission to reuse already collected identity information.

Section 35—Customer due diligence requirements (1) The following types of identification are acceptable for the purposes of customer due diligence under this Act: (a) National Identification Card; (b) Voter Identification Card; (c) Driver's Licence; (d) National Health Insurance Scheme Identification Card; (e) Passport; (f) biometrics; and 27 (g) any other type of identification determined by the Bank of Ghana. (2) An electronic money issuer who seeks to open an account for an electronic money holder shall adhere to the minimum customer due diligence requirements set out in the Third Schedule. (3) An electronic money issuer shall subject an over-the-counter transactions customer to the Know Your Customer requirements set out in the Third Schedule. (4) Where an electronic money issuer has already collected and retained customer identifying information during registration of a Subscriber Identification Module card or bank account, that electronic money Issuer (a) may directly use the information to satisfy relevant customer due diligence requirements set out in the Third Schedule, and (b) shall confirm the identifying information or obtain new identifying information on onboarding. (5) Subject to the availability of an integrated national database of identification system, an electronic money issuer shall validate the Subscriber Identification Module card registration against the database of the issuing authority of the identification document before activating the electronic money account. (6) An electronic money issuer shall conduct verification of customer information to appropriately manage material risks of error, fraud and breaches of applicable rules and principles with regard to antimoney laundering and combating the financing of terrorism. (7) An electronic money issuer who fails to comply with subsection (6) (a) is liable to pay to the Bank of Ghana an administrative penalty of two thousand penalty units, and (b) shall rectify the violation and report to the Bank of Ghana within ten days.

Section 35Verify source

§ 36Liquid assets requirementsOffence

Dedicated electronic money issuers must keep all electronic money float in liquid assets and follow liquidity, segregation, reconciliation, record-sharing, and deficiency-correction rules.

Section 36—Liquid assets requirements (1) A dedicated electronic money issuer shall keep one hundred per cent of the electronic money float in liquid assets. (2) The liquid assets shall remain unencumbered and may take the form of (a) cash balances held with a bank in the country and withdrawable on demand; or (b) any other liquid asset determined by the Bank of Ghana. (3) A dedicated electronic money issuer shall hold cash balances specified in paragraph (a) of subsection (2) separately from balances relating to any other operations of the dedicated electronic money issuer. (4) Subsection (1) does not apply to a bank or a specialised deposittaking institution. (5) Despite subsection (4), a bank or a specialised deposit-taking institution shall include electronic money balances in the determination of their statutory reserve requirement and other liquidity requirement that the Bank of Ghana may determine. 28 (6) A dedicated electronic money issuer shall (a) on a daily basis, at a time determined by the Bank of Ghana, reconcile the previous day's liquid assets held by that dedicated electronic money issuer for the redemption of electronic money with the electronic money value held by the customers, agents and merchants on the platform of the dedicated electronic money issuer; and (b) rectify any deficiencies in the amount of liquid assets held at a time determined by the Bank of Ghana. (7) A dedicated electronic money issuer shall make available to the Bank of Ghana for inspection records specified in subsection (6) on liquid assets and reconciliations. (8) A dedicated electronic money issuer who does not comply with the requirements of subsection (6), is liable to pay to the Bank of Ghana an administrative penalty of two thousand penalty units.

Section 36Verify source

§ 37Fund isolation requirementsOffence

Electronic money issuers must keep customer funds isolated, and banks and issuers must follow Bank of Ghana limits, reporting, and investment rules.

Section 37—Fund isolation requirements (1) The electronic money account of every electronic money issuer shall (a) not be commingled at any time with the funds of any person other than the electronic money holder on whose behalf the funds are held; and (b) be held in individual or pooled accounts with one or more banks in the country. (2) The sum total of electronic money account balance held with anyone bank on behalf of a given electronic money issuer shall be determined by the Bank of Ghana. (3) A bank shall not hold electronic money account balances in aggregate of more than the amount determined by the Bank of Ghana. (4) The electronic money account balances in excess of the limits stipulated in subsections (2) and (3) shall be invested in short term Government Instruments determined by the Bank of Ghana within ten days of the occurrence of the excesses. (5) The discount earned under subsection (4) shall be credited to the interest account which shall be distributed as determined by the Bank of Ghana. (6) A bank which contravenes subsection (2), (3), (4) or (5) is liable to pay to the Bank of Ghana an administrative penalty calculated as the base rate of the bank and a risk premium of five percent of the excess exposure. (7) A bank which holds funds on behalf of the electronic money issuer and is on the verge of violating subsection (2), (3), (4) or (5) shall notify the Bank of Ghana within five days. (8) An authorised or licensed electronic money issuer shall (a) notify the Bank of Ghana on the opening of an electronic money float account to facilitate the issuance of electronic money; (b) ensure that the account has records of all customers served under the electronic money service; 29 (c) ensure that the electronic money account is protected from risks that may result in loss to beneficiaries of the funds; and (d) comply with any other requirement determined by the Bank of Ghana. (9) An electronic money issuer who contravenes subsection (8), is liable to pay to the Bank of Ghana an administrative penalty of five thousand penalty units.

Section 37Verify source

§ 38Outsourcing of activitiesAmendment

Licensees or authorised entities must notify the Bank of Ghana in writing before outsourcing certain functions, and they must follow listed safeguards and deadlines.

Section 38—Outsourcing of activities (1) A licensee or authorised entity which intends to outsource its technology platform, internal audit and risk management functions, and operational functions shall, in writing, inform the Bank of Ghana. (2) A licensee or authorised entity shall not outsource an operational function which is likely to impair (a) materially the quality of internal control of that licensee or authorised entity; and (b) the ability of the Bank of Ghana to monitor the compliance of the licensee or authorised entity with the obligations of the licensee or authorised entity under this Act. (3) For the purposes of subsection (2), an operational function is important if a defect or failure in the performance of the operational function materially impairs (a) the continuing compliance of the licensee or authorised entity with the requirements of the licence or authorisation; or (b) the financial performance of the licensee or authorised entity or the soundness or the continuity of its services. (4) An outsourcing under this section shall meet the following conditions: (a) the outsourcing shall not result in the delegation by senior management of its accountability; (b) the relationship and obligations of the issuer towards the users of any relevant payment instrument shall not be altered; (c) the requirements with which the licensee or authorised entity is to comply with the licence or authorisation are not undermined by the licensee or authorised entity; (d) the outsourcing shall not amend, suspend or revoke a condition of the licence or authorisation; and (e) any other conditions that the Bank of Ghana may specify. (5) A licensee or an authorised entity shall (a) put in place a service level agreement or all outsourcing arrangements, and (b) submit copies of the agreement to the Bank of Ghana within ten days of signing the agreement.

Section 38Verify source

§ 39Transfer and termination of electronic money services Oversight and Reporting Requirements of Electronic Money Issuers and Payment Service ProvidersProvision

Electronic money service licences cannot be transferred without Bank of Ghana approval, and an issuer must get prior approval for name or ownership changes.

Section 39—Transfer and termination of electronic money services 30 (1) An authorisation or licence to provide electronic money services shall not be transferred from one entity to another without the written approval of the Bank of Ghana. (2) An electronic money issuer shall seek prior approval from the Bank of Ghana for the proposed change of name or ownership of that electronic money issuer. (3) An electronic money issuer that plans to cease its electronic money business, shall wind down the operations in a structured and orderly manner and in particular, shall (a) ensure that all customers of the electronic money issuer are able to cash out or transfer to a different account the entirety of their outstanding electronic money balances of the electronic money issuer at no additional charge within ten days; (b) give notice to customers through direct communication and public information through the media of (i) the termination of the service, (ii) any procedures for retrieving their funds as stated in paragraph (a), (iii) the locations in which the customers can do so, and (iv) the time span within which the customers can retrieve their funds; and (c) ensure that the bank holding the electronic money pooled account and the electronic money issuer have updated the identifying information of the associated customers and the respective balances of the associated customers. Oversight and Reporting Requirements of Electronic Money Issuers and Payment Service Providers

Section 39Verify source

§ 40OversightProvision

The Bank of Ghana oversees electronic money issuers and payment service providers, can examine them, and can require audits, access, and reports.

Section 40—Oversight (1) The Bank of Ghana shall exercise oversight, supervisory powers and functions over electronic money issuers and payment service providers. (2) The Bank of Ghana shall carry out examinations of the operations and affairs of an electronic money issuer and a payment service provider. (3) The Bank of Ghana shall carry out the examination at the times and with such frequency as the Bank of Ghana considers appropriate, taking into account (a) the Bank of Ghana’s evaluation of micro-prudential and macro-prudential concerns, and (b) the risks posed by the electronic money issuer or the payment service provider. (4) Without limiting subsection (3), the Bank of Ghana may, without prior notice, carry out scrutiny or investigations into a specific matter or activity relating to the operations of an electronic money issuer or a payment service provider. (5) An electronic money issuer or a payment service provider shall (a) ensure that books of accounts and information technology systems of the electronic money issuer or payment service provider are audited, and 31 (b) submit a copy of the audited report to the Bank of Ghana within three months of the close of the financial year. (6) An electronic money issuer or a payment service provider, or an agent, partner, service provider, or third party of that electronic money issuer or payment service provider shall grant the Bank of Ghana access to review the systems and operations of the electronic money issuer or payment service provider. (7) An electronic money issuer shall grant the Bank of Ghana a read only user real time access to its transaction platform. (8) An electronic money issuer shall grant access to the Bank of Ghana or its authorised agent to connect to their systems for monitoring purposes.

Section 40Verify source

§ 41Systems monitoring and measurementsProvision

The Bank of Ghana may set up a monitoring system for payment transactions and must give relevant records to the Ghana Revenue Authority on request.

Section 41—Systems monitoring and measurements (1) The Bank of Ghana may establish a monitoring system to measure the volumes of transactions processed by the payment system. (2) The monitoring system established under subsection (1) shall not have any common usage or interconnect with any other system outside the banking sector except as may be necessary for the proper functioning and maintenance of the monitoring system. (3) For the purposes of revenue assurance measurements, the Bank of Ghana shall provide relevant transaction records from its monitoring system to the Ghana Revenue Authority upon request.

Section 41Verify source

§ 42Submission of information and periodic returns 43 Requirement for material change Consumer ProtectionOffence

The Bank of Ghana can require electronic money issuers, payment service providers, and certified bodies to submit reports and information, and issuers/providers must report certain events within 10 days.

Section 42—Submission of information and periodic returns (1) The Bank of Ghana shall, for the purposes of supervision, require an electronic money issuer or payment service provider to submit any information or data relating to its assets, liabilities, income, expenditure affairs or any other matter that the Bank of Ghana may require. (2) The Bank of Ghana may determine the (a) details of the information required; (b) form in which the information is to be reported; and (c) period within which the report is to be returned to the Bank of Ghana. (3) The Bank of Ghana may impose an administrative penalty of five hundred penalty units on an electronic money issuer or payment service provider for (a) non-submission, (b) incomplete submission, or (c) inaccurate submission, of the required information, data, statement or returns and for each day that the default continues a further administrative penalty of fifty penalty units in respect of the default. (4) A certified body which conducts surveillance activities shall submit reports of the surveillance activities directly to the Bank of Ghana. 32 (5) An electronic money issuer or payment service provider shall report in writing to the Bank of Ghana not later than ten days after the occurrence of any of the following: (a) material changes in the information submitted to the Bank of Ghana at the time of the application; (b) any indication of suspected or confirmed fraud relating to the electronic money service or payment service, any security breaches, any material service interruption or other significant issues that may affect the safety and efficiency of the electronic money service or payment service; and (c) any indication of loss of confidential data.

Section 42Verify source

§ 43Section 43Provision

Electronic money issuers and payment service providers must get Bank of Ghana approval for material changes and give 30 days’ written notice before implementation.

Section 43—Requirement for material change (1) An electronic money issuer or payment service provider who intends to introduce a material change or enhancement in the electronic money issuance or provision of payment service shall (a) seek the approval of the Bank of Ghana, and (b) give notice in writing to the Bank of Ghana thirty days before the proposed implementation of the change or enhancement. (2) An electronic money issuer or payment service provider shall seek the prior approval of the Bank of Ghana where the electronic money issuer or payment service provider intends to (a) transfer more than fifteen per cent of the shares in the electronic money or payment service business; or (b) introduce material changes in the payment service that alters the scope of the service, including new service capabilities or a change in technology service provider. Consumer Protection

Section 43Verify source

§ 44Principles of consumer protectionProvision

Electronic money issuers, payment service providers, and their agents must follow consumer protection principles, including fair treatment, clear disclosure, privacy protection, responsible conduct, and complaints handling.

Section 44—Principles of consumer protection An electronic money issuer, a payment service provider, or an agent of the electronic money issuer or the payment service provider shall adhere to the universal principles on consumer protection including (a) equitable, honest and fair treatment of all customers, especially vulnerable groups such as the illiterate, women, persons with disability and the underprivileged; (b) transparency and the disclosure of clear, sufficient and timely information on the fundamental benefits, risks and terms of any product or service offered in an objective and accessible form; (c) sufficient and accessible information to customers on the rights and responsibilities of the customers; (d) protection of customers privacy, tangible and intangible assets related to the service including the personal details, financial information and transaction data of the customer; (e) responsible business conduct of all staff and authorised agents; 33 (f) adequate systems and processes for complaints handling and redress; and (g) any other directive on consumer protection that the Bank of Ghana may issue.

Section 44Verify source

§ 45Responsibilities of electronic money issuer and payment service providerProvision

Electronic money issuers and payment service providers must maintain service quality, notify users quickly about disruptions, disclose terms and fees, and keep complaints channels available.

Section 45—Responsibilities of electronic money issuer and payment service provider (1) An electronic money issuer or payment service provider shall ensure high quality performance of at least 99.5% service availability and accessibility. (2) An electronic money issuer or payment service provider shall, within twenty-four hours of a disruption or an anticipated disruption, inform the users of the electronic money or payment service of the disruption or anticipated disruption in the system through a short messaging system or other means determined by the Bank of Ghana. (3) An electronic money issuer or payment service provider shall enter into a written agreement, which is either electronic or print versions, with an electronic money account holder or a user of a payment service. (4) The agreement referred to in subsection (3), shall at a minimum (a) clearly identify the electronic money account holder or user of the payment service; (b) provide guidance on the right of redemption by an electronic money holder or a user of payment service, including if any, conditions and fees for redemption; (c) state that the ownership of the funds of the electronic money holder or payment service user is not in any way impaired by the use of pooled float accounts established in the name of the issuer of the electronic money or payment service provider; and (d) include information on available redress procedures for a complaint together with the address and contact information of the electronic money issuer or payment service provider. (5) An electronic money issuer or payment service provider shall provide an explanation on product material and general product elements to a prospective client and ensure that the prospective client understands the nature and form of the product terms and conditions, features and specifications. (6) An electronic money issuer or payment service provider shall ensure that (a) marketing undertaken by the electronic money issuer or payment service provider follows the general principles of honesty and transparency; and (b) the address, telephone number and electronic mail address of the provider are included in all marketing material. (7) An electronic money issuer or payment service provider shall provide to the customers of the electronic money issuer or payment service provider the following on its website and in short messaging services: (a) the details, including the name, location of all the customer service points and the agents of the electronic money issuer or payment service provider, and (b) a description of the products and services of the electronic money issuer or payment service provider including the applicable charges. 34 (8) An electronic money issuer or payment service provider shall display at its head office, branches as well as the premises of its agents using a standard summary sheet determined by the Bank of Ghana, all fees and service charges for electronic money transactions or provision of payment service. (9) An electronic money issuer or payment service provider shall, seven days before a change in all fees and service charges, announce the changes to its customers through short messaging service or any other means determined by the Bank of Ghana. (10) An electronic money issuer or payment service provider shall give a customer an electronic notification of charges or fees with an option to cancel a transaction before the authorisation of the transaction. (11) An electronic money issuer or payment service provider shall allocate to an agent of the electronic money issuer or payment service provider a unique identification number that is prominently displayed at the location of the agent. (12) An electronic money issuer or payment service provider shall make known to a customer, information on an agent whose contract has been terminated by short messaging service, newspaper publication or any other means determined by the Bank of Ghana. (13) An electronic money issuer or a payment service provider shall (a) maintain a functional consumer complaints unit for users of electronic money or payment services, and (b) equip the unit to receive complaints through phone calls, electronic mails, short messaging service and personal visit by the electronic money user or payment service customer. (14) An electronic money issuer or payment service provider shall display the address, telephone numbers, and electronic mail address of the complaints resolution desk prominently at the offices, agent locations and at customer care centres of the electronic money issuer or payment service provider.

Section 45Verify source

§ 46Right and responsibility of electronic money holderProvision

An electronic money holder may qualify for deposit protection if the account balance is within the prescribed threshold, and must pay only the advertised transaction charges.

Section 46—Right and responsibility of electronic money holder (1) An electronic money holder shall be eligible for deposit protection under the Ghana Deposit Protection Act, 2016 (Act 931) if the balance of the account falls within the prescribed threshold under the Ghana Deposit Protection Act, 2016 (Act 931). (2) An electronic money holder shall pay only the advertised transaction charges.

Section 46Verify source

§ 47Complaint procedure Establishment, Designation and Systemic Risks of Payment Systems 3Provision

Electronic money issuers, payment service providers, and the Bank of Ghana have complaint-handling duties, while customers and complainants have limited complaint-reporting rights.

Section 47—Complaint procedure (1) An electronic money issuer or a payment service provider shall set up effective procedures that allow an electronic money user or a payment service customer to submit a complaint. (2) The procedure referred to in subsection (1) shall at a minimum (a) provide a customer with easily understood information about the customer care system; (b) be accessible during normal business hours and out of business hours including statutory holidays; 35 (c) allow for a customer to lodge a complaint orally or in writing, through a customer care telephone number, a visit to office, by electronic mail or by post; (d) provide for a complaint to be resolved within five days of lodging and an additional fifteen days for complex issues provided the customer is informed that the issue is complex; and (e) be provided without cost to the customer. (3) For purposes of paragraph (c) of subsection (2), a customer may lodge the complaint within thirty days from the date of detection of the anomaly. (4) An electronic money issuer or a payment service provider shall acknowledge receipt of a complaint filed with the electronic money issuer or a payment service provider within three working days. (5) An electronic money issuer or payment service provider shall inform a complainant of the expected actions and timing for investigating and resolving the complaint at the time of the complaint. (6) An electronic money issuer or payment service provider shall put in place processes to provide a complainant with sufficient information and the means to inquire on the progress of complaint. (7) An electronic money issuer or payment service provider shall assign a unique reference number or other identifier to a complaint which is lodged to facilitate timely and accurate responses to subsequent inquiries by the complainant. (8) An electronic money issuer or payment service provider shall inform the complainant of the outcome of the investigation of the complaint, and any resulting decision by the electronic money issuer or payment service provider. (9) Where the complainant is not satisfied with the decision of the electronic money issuer or payment service provider, the complainant may report to the Bank of Ghana. (10) The Bank of Ghana shall within three days upon the receipt of the complaint, resolve the complaint. (11) The Bank of Ghana may by notice provide for the effective implementation of this section. Establishment, Designation and Systemic Risks of Payment Systems

Section 47Verify source

§ 48Establishment and designation of payment systems by Bank of GhanaProvision

The Bank of Ghana may establish, operate, promote, supervise, and designate payment-related systems, and any designation must be in writing and sent to the identified operator.

Section 48—Establishment and designation of payment systems by Bank of Ghana (1) The Bank of Ghana may (a) establish, operate, promote and supervise payment, funds transfer, clearing and settlement systems, subject to the rules that the Bank of Ghana may publish; and (b) designate any other payment, funds transfer, clearing and settlement systems, operating in the country which the Bank of Ghana considers to be in the public interest for the Bank of Ghana to supervise under this Act. (2) A designation under paragraph (b) of subsection (1) shall be in writing and addressed to any person the Bank of Ghana identifies as the operator of the system. 36

Section 48Verify source

§ 49Access to participation in system approved by Bank of GhanaProvision

The Bank of Ghana may let banks and certain other institutions participate in a system, but it may withdraw access if participation is no longer in the system’s best operating interest. Before withdrawal, it must allow representations, and it must publish the withdrawal notice in the Gazette.

Section 49—Access to participation in system approved by Bank of Ghana (1) The Bank of Ghana may grant access to any system established under paragraph (a) of subsection (1) of section 48 to a bank, a specialised deposit-taking institution or other institution if the Bank of Ghana considers the participation of the bank, specialised deposit- taking institution or the institution is in the interest of the efficient operation of the system. (2) Where the Bank of Ghana considers that the participation in a system by a bank, specialised deposit-taking institution or an institution referred to in subsection (1) is no longer in the interest of efficient operation of the system, the Bank of Ghana may, by notice in writing to the bank, specialised deposit-taking institution or the institution, withdraw accessibility from the system of the bank, specialised deposit-taking institution or the institution from the date specified in the notice. (3) The Bank of Ghana shall publish the notice specified in subsection (2) in the Gazette. (4) The Bank of Ghana shall not withdraw access to a system by a bank, a specialised deposit- taking institution or other institution without giving the bank, the specialised deposit-taking institution or the institution a reasonable opportunity to make representations to the Bank of Ghana. (5) For the purposes of this section, “access” means the participation by a bank, a specialised deposit-taking institution or any other institution as a participating member of the system.

Section 49Verify source

§ 50Supervision of established and designated systemsOffence

The Bank of Ghana may supervise certain systems, request information, inspect materials, and direct changes. Operators must comply with those directives. Breach of subsection (1) is an offence with fines and possible imprisonment.

Section 50—Supervision of established and designated systems (1) The Bank of Ghana may, in supervising a system established or designated under subsection (1) of section 48, (a) demand information as to the operation of the system from the operator of the system; (b) inspect the premises, equipment, computer hardware, software, any communication system, books of accounts, and any other document or electronic information which the Bank of Ghana may require in relation to the system; (c) direct changes to be made to the terms of any rules, agreements or practices under which the system is operated in the interest of the public; (d) direct changes to be made to the rules concerning access to the system in order to ensure that the system is operated efficiently and in the interest of the public; and (e) exercise other powers prescribed by Regulations. (2) An operator of the system shall comply with the directives of the Bank of Ghana given under subsection (1). (3) The Bank of Ghana shall treat as confidential, information and documents obtained by the Bank, under subsections (1) and (2) subject to such disclosure as the Bank of Ghana may consider necessary in the public interest. (4) An operator who contravenes a provision of subsection (1) commits an offence and is liable on summary conviction, 37 (a) in the case of an individual, to a fine of not less than one thousand penalty units and not more than five thousand penalty units or to a term of imprisonment of not less than four years and not more than ten years or to both, and (b) in the case of a body corporate, to a fine of not less than two thousand penalty units and not more than seven thousand penalty units.

Section 50Verify source

§ 51Systemic riskOffence

If the Bank of Ghana sees systemic risk, it may direct a participant in writing to fix the issue, stop the relevant conduct, and provide information and documents.

Section 51—Systemic risk (1) Where the Bank of Ghana considers that there is systemic risk, the Bank of Ghana may issue a directive in writing to a participant requiring that participant to (a) perform an act that is necessary to remedy the situation and to cease or refrain from engaging in the act, omission or conduct; and (b) provide the Bank of Ghana with information and documents relating to the matters specified in the directive. (2) A participant who without good reason refuses or fails to comply with a directive issued under subsection (1), commits an offence and is liable on summary conviction to a fine of not less than one thousand penalty units and not more than five thousand penalty units or to a term of imprisonment of not less than four years and not more than ten years or to both. (3) The Bank of Ghana shall take steps under this Act to safeguard the system.

Section 51Verify source

§ 52Retention of records Customer Information and Parties’ Obligation in respect of a TransactionProvision

A person must keep certain system-operation records for at least six years, and the Bank of Ghana can decide the form of retention.

Section 52—Retention of records (1) Despite anything to the contrary in any legislation on record keeping, a person shall retain records created during the course of the operation and administration of a system for a minimum period of six years from the date of creation of the record. (2) The records may be retained in an electronic form or any other form determined by the Bank of Ghana. Customer Information and Parties’ Obligation in respect of a Transaction

Section 52Verify source

§ 53Transparency requirementProvision

A system operator must ensure the system follows transparency principles so users know the conditions for a transfer.

Section 53—Transparency requirement An operator of a system shall ensure that the system operates in accordance with the principles of transparency in order that a user of the system is aware of the conditions upon which a transfer is effected.

Section 53Verify source

§ 54Customer information before the execution of a transferProvision

An institution must give a customer, on request and in a comprehensible form, information about transfer conditions.

Section 54—Customer information before the execution of a transfer An institution shall, on request, make available to a customer in a comprehensible form, information on conditions for transfer through the system, including (a) an indication of the time needed for the funds to be credited to the account of the institution of the beneficiary; (b) an indication of the time needed for the funds credited to the account of the institution to be credited to the account of the beneficiary; (c) details of any charges payable by the customer; and 38 (d) details of any complaints and redress procedures available to the customer and means of access to them.

Section 54Verify source

§ 55Customer information after the execution of a transferProvision

A beneficiary institution must give the customer transfer details after a transfer is executed or received, unless the parties agreed otherwise.

Section 55—Customer information after the execution of a transfer (1) Unless expressly agreed to the contrary, a beneficiary institution shall, after the execution or receipt of a transfer, supply the customer of the beneficiary institution with information in a comprehensible form, including (a) the unique reference enabling the customer to identify the transaction; (b) the original amount of the transfer; and (c) the amount of charges payable by the customer. (2) Where the originator has specified that the charges for a transfer are to be wholly or partly borne by the beneficiary, the beneficiary institution shall inform the beneficiary.

Section 55Verify source

§ 56Rights of parties to negotiate obligations under a transactionProvision

Parties to an agreement may take on greater obligations than the minimum obligations that apply to a transfer through a system under this Act.

Section 56—Rights of parties to negotiate obligations under a transaction Despite the minimum obligations applicable to a transfer through a system under this Act, parties to an agreement may assume greater obligations through an agreement or the operation of the rules of the system.

Section 56Verify source

§ 57Transfer time obligationProvision

The institution of the originator must make the transfer on time, and if it does not, it must pay interest compensation; if an intermediary causes the non-execution, it must reimburse the originator’s institution.

Section 57—Transfer time obligation (1) The institution of the originator shall execute a transfer within the time limit agreed with the originator or in the absence of an agreement, within the standard time limit applicable to the system. (2) Where the agreed time limit is not complied with, the institution of the originator shall compensate the originator by payment of interest on the amount of the transfer. (3) The interest in subsection (2) shall be calculated by applying the ninety-one day treasury bill discount rate to the amount of the transfer for the period from the end of the agreed time limit to the date on which the funds are credited to the account of the beneficiary institution. (4) Where non-execution of a transfer by the institution of the originator within the agreed time limit is attributable to an intermediary institution, the intermediary institution shall reimburse the institution of the originator in respect of any compensation paid to the originator by the institution of the originator.

Section 57Verify source

§ 58Obligation to make funds available upon transferProvision

The beneficiary institution must make transferred funds available to the beneficiary within the agreed time limit, or if none is agreed, within the system’s standard time limit.

Section 58—Obligation to make funds available upon transfer (1) The beneficiary institution shall make the funds resulting from a transfer available to the beneficiary within the time limit agreed with the beneficiary or in the absence of an agreement, within the standard time limit applicable to the system. (2) Where the agreed time limit is not complied with, the beneficiary institution shall compensate the beneficiary by payment of interest on the funds. (3) The interest in subsection (2) shall be calculated by applying the ninety-one day treasury bill discount rate to the amount of the transfer for the period from the end of the agreed time to the date on which the funds are credited to the account of the beneficiary. 39

Section 58Verify source

§ 59Delay attributable to originator or beneficiaryProvision

An institution must not pay compensation to the originator or beneficiary if it can establish the delay was caused by the originator or beneficiary.

Section 59—Delay attributable to originator or beneficiary Compensation shall not be paid to an originator or a beneficiary under sections 57 and 58, where the institution of the originator or the institution of the beneficiary can establish that the delay is attributable to the originator or the beneficiary.

Section 59Verify source

§ 60Other rightsProvision

Sections 57 and 58 do not take away any other rights a person has when participating in the execution of a transfer.

Section 60—Other rights Sections 57 and 58 do not limit any other rights available to a person participating in the execution of the transfer.

Section 60Verify source

§ 61Obligation to transfer full amountProvision

Banks involved in a transfer must execute it for the full amount unless the originator says the beneficiary will bear the transfer costs.

Section 61—Obligation to transfer full amount (1) The institution of the originator, an intermediary institution and the institution of the beneficiary are each obliged to execute any transfer for the full amount, unless the originator specifies that the costs of the transfer are to be borne wholly or partly by the beneficiary. (2) Subsection (1) does not limit any rights of the institution of the beneficiary to charge the beneficiary for the administration of the account of the beneficiary.

Section 61Verify source

§ 62Obligation to refund in the event of non-execution Transfer Finality and InsolvencyProvision

If a transfer is accepted but not credited to the beneficiary, the originator’s institution must refund the originator, including interest and charges.

Section 62—Obligation to refund in the event of non-execution (1) Where a transfer has been accepted by the institution of the originator and the relevant amount is not credited to the account of the institution of the beneficiary, the institution of the originator shall, without prejudice to any other claim which may be made, make a refund to the originator of the amount of the transfer plus interest and any charges paid by the originator for the transfer. (2) The interest shall be calculated by applying the ninety-one day treasury bill discount rate to the amount of the transfer for the period beginning from the date of receipt by the institution of the originator to the date of the refund. (3) Where the transfer has been made using an intermediary institution, the institution which has accepted the transfer shall reimburse the institution of the originator against its liability under subsection (1), and where that intermediary institution used another intermediary institution, the latter shall be reimbursed by that institution accordingly. (4) Where the transfer was not completed because of (a) an error or omission in the instructions given by the originator to the originator’s institution; or (b) non-execution of the transfer by an intermediary institution expressly chosen by the originator, the institution of the originator and any other institution involved shall use its best endeavours to obtain a refund of the amount of the transfer subject to charges for the expenses incurred in connection with the transfer. Transfer Finality and Insolvency

Section 62Verify source

§ 63Transfer finalityProvision

An operator of a system must specify the principles for achieving transfer finality in the system’s operations.

Section 63—Transfer finality 40 An operator of a system shall specify the principles applicable to achieve transfer finality in the operations of the system.

Section 63Verify source

§ 64IrrevocabilityProvision

A transfer is executed when the system rules specify, and once executed it cannot be revoked.

Section 64—Irrevocability (1) A transfer is executed at the time specified in the rules of the system. (2) Without limiting any remedies that may be available to recover an equivalent amount of transfer in the case of fraud, mistake or similar vitiating factors, a transfer is irrevocable once executed.

Section 64Verify source

§ 65SettlementProvision

Settlement obligations are discharged through accounts used for settlement, and certain electronic money issuers must route inter-bank settlement transactions through the interbank payment and settlement system or another method the Bank of Ghana تعیینes.

Section 65—Settlement (1) The discharge of settlement obligations between institutions participating in the system is effected by means of entries to accounts maintained with the Bank of Ghana, or any other bank that the Bank of Ghana may determine, for settlement purposes. (2) An electronic money issuer that holds electronic money float with more than one bank, shall ensure that all settlement transactions between the accounts of the respective banks is done through the interbank payment and settlement system or any other means that the Bank of Ghana may determine. (3) A settlement effected in accordance with subsection (1) is final and irrevocable.

Section 65Verify source

§ 66Transfer of electronic moneyProvision

A payment service provider must process customer funds and agent-based electronic money transactions electronically and settle them in real time through a pre-funded account held by an agent.

Section 66—Transfer of electronic money Customer funds and all agent-based electronic money transactions undertaken by a payment service provider shall be effected electronically and settled in real time against a pre-funded account held by an agent.

Section 66Verify source

§ 67Netting agreements and netting rulesProvision

Netting agreements and netting rules can remain binding on the institution’s liquidator or administrator in insolvency-related cases.

Section 67—Netting agreements and netting rules (1) Where an institution that participates in a system established or designated under subsection (1) of section 48 is (a) wound up by a court, (b) placed in administration by a court, or (c) declared insolvent by a court or a regulatory body any provision contained in a written netting agreement to which that institution is a party or any netting rules and practices applicable to the system are binding on the liquidator or administrator of the institution in respect of any payment or settlement obligation (d) which has been determined through netting before the issue of the order for winding-up or administration; (e) which is to be discharged on or after the date of the order for winding-up or administration; or (f) the discharge of which was overdue on the date of the winding-up or administration order. (2) This section applies despite anything to the contrary in an enactment relating to insolvency. 41

Section 67Verify source

§ 68Collateral for payment and settlement of obligations Evidence of TransferProvision

Collateral given to the Bank of Ghana or designated system operators before a winding-up or administration order must be used to pay or settle the institution’s obligations.

Section 68—Collateral for payment and settlement of obligations Despite any provision to the contrary in an insolvency law, any asset of an institution that participates in a system, which, before the issue of an order for the winding-up or administration of that institution was provided to (a) the Bank of Ghana; or (b) the operators of the system designated under paragraph (b) of subsection (1) of section 48, as security in respect of the payment or settlement obligations of the institution, shall be utilised by the Bank of Ghana or by the operators of the designated system to the extent required for the discharge of the payment or settlement of obligations. Admissibility of evidence

Section 68Verify source

§ 69Admissibility of evidence Clearing HouseProvision

Information relating to a transfer through specified records or media is admissible as evidence of the transfer.

Section 69—Evidence of Transfer Without limiting the rules of admissibility of evidence in a court of law, information that relates to a transfer through a system contained in (a) a document, (b) a computer print-out, or (c) any electronic storage media or form, is admissible as evidence of the transfer. Clearing House

Section 69Verify source

§ 70Establishment of clearing houseProvision

The Bank of Ghana may establish a clearing house and may appoint a fit institution to run specified payment systems services and the clearing house.

Section 70—Establishment of clearing house (1) The Bank of Ghana may establish a clearing house. (2) The Bank of Ghana may designate an institution it considers fit to implement and manage specified payment systems services and the clearing house. (3) The institution designated under subsection (2) shall (a) submit regular reports; and (b) be under the supervision of a department designated by the Bank of Ghana.

Section 70Verify source

§ 71Functions of clearing houseProvision

The clearing house may carry out several clearing and settlement functions, including handling payment instruments, determining net settlement positions, keeping electronic records, and doing other incidental functions requested or approved by the Bank of Ghana.

Section 71—Functions of clearing house The functions of the clearing house include (a) facilitating the speedy presentment of cheques, automated debits and credits and other payment instruments among participants; (b) providing a mechanism for the timely determination of the net settlement positions of the members arising from the clearing process and communicating same to the Bank of Ghana; (c) retaining records of all clearing items in electronic form; and (d) performing any other function incidental to paragraphs (a) to (c) that the Bank of Ghana may request or approve. 42

Section 71Verify source

§ 72Participation in clearing houseProvision

The clearing house participants must include the Bank of Ghana, plus any other institution the Bank of Ghana determines.

Section 72—Participation in clearing house The participants in the clearing house shall consist of the Bank of Ghana and any other institution determined by the Bank of Ghana.

Section 72Verify source

§ 73Clearing agency 4Provision

A participant may act as an agent for another institution in the clearing house, but if it does so it must ensure the represented institution gets a unique clearing sort code when that institution has no qualifying settlement account.

Section 73—Clearing agency (1) A participant may act as an agent for another institution which is not a direct participant in the clearing house. (2) The agency arrangement under subsection (1) shall be covered by a service level agreement, a copy of which shall be submitted to the Bank of Ghana and the clearing house. (3) A participant which acts as an agent shall ensure that the institution it represents, which does not have a settlement account at the Bank of Ghana or any other institution determined by the Bank of Ghana, is assigned with a unique clearing sort code.

Section 73Verify source

§ 74Clearing chargesProvision

A participating bank must pay clearing charges set by the clearing house and approved by the Bank of Ghana.

Section 74—Clearing charges A participating bank shall pay clearing charges determined by the clearing house and approved by the Bank of Ghana.

Section 74Verify source

§ 75Withdrawal by clearing participantProvision

A participant may withdraw from the clearing house only after giving written at least 21 days’ notice to the Bank of Ghana and the clearing house.

Section 75—Withdrawal by clearing participant (1) A participant may withdraw from the clearing house where the participant, in writing, gives a notice of at leat[sic] twenty-one days to the Bank of Ghana and the clearing house. (2) The notice in subsection (1) shall indicate the agent through which claims on the withdrawing participant shall be made. (3) The Bank of Ghana shall notify the other participants of the notice of withdrawal within seven days of the receipt of the notice. (4) A participant that intends to withdraw, shall make adequate arrangements acceptable to the clearing house to surrender any assets and settle any obligations to the clearing house.

Section 75Verify source

§ 76Suspension of participationProvision

The Bank of Ghana may suspend a participant, and a suspended participant must use another participating bank’s clearing gateway and name an agent for claims.

Section 76—Suspension of participation (1) The Bank of Ghana may, in writing, suspend a participant on the recommendation of the clearing house where the Bank of Ghana is satisfied that the suspension is in the interest of the clearing system. (2) A participant on suspension shall submit its instruments for clearing through the clearing housing gateway of another participating bank. (3) The Bank of Ghana shall, in writing, notify other participants of the suspension. (4) The suspension shall continue in force until the defect leading to the suspension has been remedied. (5) A participant that is suspended shall indicate the agent through which claims on the suspended participant shall be made. (6) Despite subsections (1) and (3), the Bank of Ghana may suspend a participant from further participating in the clearing house where it is in the public interest. 43

Section 76Verify source

§ 77Cessation of participation in clearing houseProvision

Section 77 appears to concern cessation of participation, but the provided text is truncated.

Section 77—Cessation of partic

Section 77Verify source

Legislative relationships

6 referenced instruments

Names are derived from the stored provision headings and citation-enrichment layer. Treat this as a research index and verify each relationship against the source text.

A–F

1 instrument

Banks and Specialised Deposit-Taking Institutions Act, 2016
Section 31

G–M

5 instruments

Ghana Act, 2002
Section 2
Ghana considers to be in the public interest for the Bank of Ghana to supervise under this Act
Section 48
Ghana in accordance with this Act
Section 7
Ghana may determine. (3) The supervisory functions of the Bank of Ghana under this Act
Section 3
Ghana shall take steps under this Act
Section 51

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