In September 2019, the Central Bank increased the minimum capital requirement for Mobile Money companies by 300 per cent from five million Ghana cedis to GHC 20 million and given nine months to meet the deadline.

However, Dr Settor Kwabla Amediku, the Director and Head of Payment Systems Department of the Central Bank, speaking at the opening of the maiden Mobile Technology for Development (MT4D) Conference in Accra on Tuesday, announced the extension, which attracted thunderous applause from financial stakeholders at the meeting.

He said all lenders are to use 50 per cent of their existing assets as part of the paid-up capital and should lodge the rest of the 50 per cent at the Bank of Ghana.

In addition, the governance framework and infrastructure requirement for Payment System Providers has also been extended to December 2020.

The Central Bank in a statement issued on 12 September 2019, said the emergence of new payment streams, institutions such as financial technology companies and the general acceptance of electronic money have necessitated the enactment of the Payment Systems and Services Act (Act 987) to provide the legal and regulatory framework for the orderly development of the payment system in the country.

The BoG, therefore, grouped the PSPs as follows: PSP Electronic Money Issuer-GHC20 million, PSP Scheme (Payments cards like Visa and Master Cards)-GHC8 million, PSP Enhance Licence (Payment Platforms like ExpressPay etc)-GHC2million, PSP Medium Licence (Sub agents for the payment platforms)-GHC800,000 and Standard Licence (Startups fintechs)-No capital required.

Dr Amediku said the importance of financial inclusion for growth and development of any country cannot be overemphasized because it improved resource allocation, retained price stability and ensured flexibility, competitiveness and accessibility as well as enhancing the poverty alleviation efforts.