BoG issues licensing requirements for FinTechs, electronic money issuers, others
The Central Bank has announced licensing requirements for the legal operationalization of financial technology companies [FinTechs], electronic money issuers and payment service providers in the country.
The list of licensing requirements is contained in a notice issued by the Central Bank on Friday, December 10, 2021.
Overall, there are six requirements that need to be satisfied by FinTechs, electronic money issuers and payment service providers to obtain approval from the apex bank.
The licensing requirements include but not limited to the following;
- Profile of shareholders indicating respective percentage shareholding and nationality;
- Attestation from a notary public confirming foreign ultimate beneficial owner(s) with 10% or more of total share ownership or voting rights;
- A business plan covering business overview, market analysis, products and services to be offered including transactional limits, on-boarding process and Fees or Commissions to be charged where applicable;
- Five-year financial projections for the proposed business (including assumptions made)
- Security and Control (Including: Transaction Monitoring Tool, Fraud Monitoring and Detection Tool and at least two factor Authentication);
- Risk and Mitigation Measures covering Operational, Market, Liquidity, Fraud, Legal, Credit and Funding Risks where applicable;
Find further details of licensing requirements in document below;
Licensing Requirements for EMI and PSP Latest by Fuaad Dodoo on Scribd
