Ghana Set for Stricter Mobile Money Requirements

Ghana’s central bank could introduce its mooted minimum capital requirements for providers of mobile financial services by the end of the year, Ghanaweb reported.

In a briefing, Bank of Ghana head of payment systems Settor Amedeku said the organization would announce details of the new legislation “very soon” with indications it could be applied later in the year. Imposing minimum cash requirements for companies supplying mobile money services are part of an attempt to ensure businesses in the sector are secure for the good of stakeholders and the public, Amedeku added.