Ghana: Payment Systems and Services Act, 2019 (Act 987) including operational license requirement entered into force

On 15 February 2020, the Payment Systems and Services Act, 2019 (Act 987) entered into force. An existing electronic money issuer or payment service provider was required to apply for authorisation or a licence under this Act within nine months of the date of commencement of the Act. The Act sets a framework for licensing and authorising payment service providers (PSPs) and electronic money issuers (EMIs) in Ghana. To operate, entities must obtain a licence from the Bank of Ghana (BoG) by submitting detailed documentation, including business plans and financial projections. Applications are assessed based on criteria such as financial stability, technological capability, anti-money laundering (AML) compliance, and consumer protection. Licences are valid for five years and can be renewed, provided the licensee continues to meet regulatory requirements. The BoG has the authority to impose conditions, and suspend, or revoke licences for non-compliance. Operating without authorisation is a criminal offence with severe penalties.