The central bank is expected to soon announce a comprehensive stated capital structure for all players in the mobile money and payment systems.
The stated capital will affect players such as e-money issuers, payment service providers and application service providers.
Due to the varying levels of risk and exposure, the central bank is expected to introduce a tier system – such that an e-money issuer like Vodafone Cash will have a different stated capital compared to a payment service provider like Zeepay.
Dr. Settor Amediku, Head of Payment Systems at the Bank of Ghana, noted that with the Payment Systems and Services Act coming into force, the central bank is mandated to apply the law by issuing licences to institutions and individuals that pass the Fit and Proper Test in order to sustain confidence in the financial sector.
“All players who wants to do mobile money business must meet the minimum capital requirement to guarantee and ensure that they are fit and proper to do the business of electronic money. We will come out very soon and the Governor will announce this,” he said at the second quarterly B&FT-organised Ghana’s Most Respected CEOs Breakfast Series in Accra.