Fintech License in Ghana

A company that intends to operate as a Dedicated Electronic Money Issuer (DEMI), Payment Service Provider (PSP) or a Payment and Financial Technology Service Provider (PFTSP) in Ghana must be licensed by the Bank of Ghana.

License Categories
There are six (6) license categories. Each license category specifies the permissible activities that can be undertaken.

The license categories and related permissible activities are as follows:

1. Dedicated Electronic Money Issuer

Permissible activities:
– Recruitment and management of agents
– Creation and management of wallet
– P2P On Net / Off Net
– Cash-In and Cash-Out
– Wallet based domestic money transfers including transfers to and from bank
– Investment, savings, credit, insurance and pension products (ONLY in
partnership with banks and duly regulated institutions)
– Mobile money merchant acquiring
– Termination of Inbound International Money Transfer

2. Payment Service Provider – Scheme

Permissible activities:
– Domestic Card Brand Associations e.g. Gh-Link
– Switching & routing of payment transactions and instructions

3. Payment Service Provider – Enhanced

Permissible activities:
– All permissible activities for PSP-medium license
– Marketplace for financial services offered by duty regulated financial service
– Merchant acquiring and merchant aggregation
– Payment processing
– Printing and personalization of EMV Cards
– Inward International remittances services
– Providing 3rd party payment gateways services
– Limited use closed loop virtual cards (funded via refunds, rewards & user’s
other accounts)

4. Payment Service Provider- Medium

Permissible activities:
– Connection to an Enhanced PSP to offer the following services
– All permissible activities for PSP-standard license
– Payment aggregation which is connected to Enhanced PSP
– Biller/Merchant Aggregation
– POS Deployment
– Printing of non-cash payment instruments eg. cheques
– Mobile payment Apps (with liability shift on PSP Enhanced)

5. Payment Service Provider- Standard

Permissible activities:
– Connection to an Enhanced PSP to offer Mobile payment Apps service.

This Category of license is reserved for Ghanaians and wholly owned Ghanaian

6. Payment and Financial Technology Service Provider (PFTSP)

Permissible activities:
– Digital Product development, delivery and support services
– Credit scoring predictive analytics
– AML/CFT centralised platform
– Fraud Management services
– Know your Customer(KYC) and Customer Due Diligence (CDD) authentication
– Connection to DEMIs, PSPs, Banks and Financial Institutions