Ghana’s central bank could introduce its mooted minimum capital requirements for providers of mobile financial services by the end of the year, Ghanaweb reported.
In a briefing, Bank of Ghana head of payment systems Settor Amedeku said the organisation would announce details of the new legislation “very soon” with indications it could be applied later in the year.
Imposing minimum cash requirements for companies supplying mobile money services are part of an attempt to ensure businesses in the sector are secure for the good of stakeholders and the public, Amedeku added.
Companies already offering services are expected to be given time to meet the minimum requirements, where needed. Any new entrants would need to meet new regulations at launch.
Mobile money services are booming in Ghana, though the sector has not been without controversy with the issue of taxation on the service never far from the headlines in the country alongside calls to improve the security of agents.Subscribe to our daily newsletter Back