The Bank of Ghana (B.O.G) has hinted a soon to be announced new minimum capital requirement for interested persons and institutions eyeing the mobile money operations (MoMo).
Ghana’s banking sector regulator explained that existing MoMo operators will be given some time to meet the new capital requirement. New operators on the other hand will be required to meet the new minimum capital requirement before operations.
This intended move by the bank of Ghana comes on the back of increased in value of transactions on the MoMo platform. And the dwindled confidence of some Ghanaians in the country’s financial institutions, thus the need to safeguard citizens funds.
The Head of Payment Systems at the Bank of Ghana, Dr. Settor Amedeku speaking at the Business and Financial Times’ Ghana Most Respectable CEOs meeting in Accra, hinted of B.O.G governor’s intention to launch the initiative before the end of the year.
“very soon we will announce the amount to be paid but this is a process to ensure maximum regulation and security of the business for stakeholders and the people of Ghana.”
Dr. Amedeku also added that “the banks that also want to do mobile money must set up a separate subsidiary to do the electronic transactions and have to be capitalised as a guarantee to ensure that you’re fit and proper to carry on any transaction of electronic money.”