Business

Cost Of License for MoMo Companies Now GH¢100k

The Bank of Ghana has served notice that the processing fee for the Electronic Money Issuers (EMI) like mobile money companies  license is GH¢25,000, while the license itself will cost GH¢100,000 and renewal fees will cost GH¢10,000.

For operators in the payment systems space that require the PSP Scheme license in order to perform routing of payment transactions, authorization and settlement request from merchants, acquiring and issuing banks — they need to have a minimum capital of GH¢8 million.

The PSP Enhanced License requires companies to have GH¢2 million as minimum capital. Companies with this license are permitted to undertake aggregation of merchant services, processing services, provision of hardware and software, printing and personalization of EMV Cards, Inward International remittances services, merchant acquiring, POS deployment and payment aggregation.

Electronic Money Issuers (EMI) like mobile money companies are required to have a minimum capital of GH¢20 million.

The latest directive comes on the back of the recently passed Payment Systems and Services Act, 2019 (Act 987) which provides a legal and regulatory framework for the orderly development of the country’s payment system.

The central bank in a notice issued divided the Payment System Providers (PSP) into five categories and provided corresponding capital requirement needed for players to operate within each category.

Source: Kofi Atakora/Joydaddyymultimedia.com

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