Bank of Ghana plans to set a minimum capital requirement for mobile money operators

According to the central bank, existing firms that are already offering the service will be given some time to meet the new requirement while a new entrance will be expected to meet the requirement before receiving their licence.

The Head of Payment Systems at the Bank of Ghana, Dr Setor Amediku disclosed the information while speaking at a CEO Breakfast forum in Accra.

He noted that “A minimum capital requirement which the BoG will soon come out that if you want do mobile money business you will need to come up with some money, which will be deposited in BoG as a way of guarantee to ensure that you are fit and proper to do the business.”

Mobile Money Interoperability (MMI) recorded more than 4.4 million transactions in its first year of operation.

Beginning with just 96,907 transactions in its first month, public usage of the cross-network platform grew phenomenally to 422,275 transactions in December last year and 502,873 transactions in May this year

In relation to this, a World Bank report released over the weekend tipped Ghana to be the fastest growing mobile money market in Africa.

According to the report, the mobile phone penetration created opportunities for expansion of financial services and increased the role of non-financial institutions as much as e-money issuers, positioning Ghana as the fastest growing mobile money market in Africa.

Dr Setor Amediku has hence noted that it will be appropriate for the BoG to set a minimum capital for the operators to avoid any future surprises.