What does it take to get an e-money licence in Ghana?
To hold an e-money licence in Ghana, you need the Dedicated Electronic Money Issuer licence from Bank of Ghana. Published minimum capital: GHS 20,000,000. Act 987 sets no number (s.17 defers to BoG); the figure is in the BoG licensing schedule. 5 entities currently hold an e-money licence in Ghana. Full requirements — minimum capital, local presence, timeline, local ownership, fees and ongoing obligations — are set out below in each instrument's own words, with source and date; amounts are in the statute's own currency.
“E-money issuance” here is the normalized activity: Issue stored-value / electronic money redeemable at par and hold the customer float. The category of licence that lets a provider keep customers' money.
Activity id (as used by the Afriset MCP): fintech:EMONEY_ISSUE
Dedicated Electronic Money Issuer
Bank of Ghana| Requirement | As published | Source | Source date |
|---|---|---|---|
| Minimum capital | GHS 20,000,000. Act 987 sets no number (s.17 defers to BoG); the figure is in the BoG licensing schedule. Verbatim“… Capital (GHS Million) … Dedicated Electronic Money Issuer 20 … … A payment service provider shall ensure that while in operation, it maintains in the country a minimum paid-up capital … as determined by the Bank of Ghana.” | BoG FinTech & Innovation — Licensing Requirements for DEMIs, PSPs and PFTSPs (the official capital + fee schedule) | not dated |
| Local presence / incorporation | Yes — locally incorporated Ghanaian limited-liability company; board ≥3 with ≥2 (incl. CEO) resident in Ghana; customer-float holding bank in Ghana. Verbatim“the person is incorporated as a limited liability company under the Companies Act, 1963 (Act 179) … the person has a customer float account holding bank … a board of directors with a minimum of three members, at least two of whom, including the chief executive officer, shall be resident in the country.” | Payment Systems and Services Act, 2019 (Act 987) — enabling Act | 2019-05-14 |
| Timeline | Processing: grant/reject within 90 days of a complete application. Validity/tenure: 5 years (renewable). Verbatim“The Bank of Ghana shall, within ninety days from the date of receipt of a complete application, grant or reject the application. … A licence … is valid for a period of five years subject to renewal … … Tenure … 5 Years” | Payment Systems and Services Act, 2019 (Act 987) — enabling Act | 2019-05-14 |
| Local ownership | ≥30% Ghanaian equity participation. Verbatim“the person has at least a thirty percent equity participation of a Ghanaian.” | Payment Systems and Services Act, 2019 (Act 987) — enabling Act | 2019-05-14 |
| Fees | Processing GHS 25,000 · Licence GHS 100,000 · Renewal GHS 10,000 (table in "GHS' 000"). Verbatim“Fees (GHS' 000) … Processing 25 · Licence 100 · Renewal 10 … A body corporate licensed or authorised under this Act shall pay a processing fee, licence fee and annual renewal fee. … GHS' 000” | BoG FinTech & Innovation — Licensing Requirements for DEMIs, PSPs and PFTSPs (the official capital + fee schedule) | not dated |
| Ongoing obligations | 100% float safeguarding: keep 100% of e-money float in liquid assets; e-money held in trust, un-encumbered on insolvency. AML/CFT policies + controls. Records ≥6 years; periodic returns. Renewal ≤6 months before expiry with fee + Tax Clearance Certificate. Scope: e-money and related business only. Verbatim“A dedicated electronic money issuer shall keep one hundred per cent of the electronic money float in liquid assets. … electronic money owed to the customers are held in trust and shall not be encumbered in case of insolvency or liquidation … keep records of every electronic money transaction … for a minimum period of six years.” | Payment Systems and Services Act, 2019 (Act 987) — enabling Act | 2019-05-14 |
Requirements as published in the cited instruments — not legal or compliance advice. Capital and fees are shown in the currency the statute itself uses. Where a value is located but not yet verified, we show that it exists but don't publish the figure. Verify directly with the regulator.
Maintained: this official source is re-checked on a weekly schedule — last checked 2026-08-04 · changed 2026-08-04.
Who already holds this licence?
5 entities are on the Bank of Ghana register under the Dedicated Electronic Money Issuer category — view the register .
Related
Everything Afriset holds on Ghana →
Related questions
This question, in other markets