The head of payment systems at the Bank of Ghana warned mobile money service providers they would require a specific licence from the middle of 2020 to continue operating in the country, local media reported.

Settor Amediku told the 23rd National Banking Conference, held in capital city Accra this week, the bank had notified operators of the change, which is being introduced as part of new legislation introduced in March designed to deliver a level playing field for providers of financial services.

GhanaWeb explained the Payment Systems and Services legislation was introduced to ensure oversight of a growing number of digital financial transactions in the country.

Local publication Pulse noted there are 32 million mobile money accounts registered in Ghana today, far exceeding the 12 million regular bank accounts in the country.