Nikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the Bank of Ghana licence, including banking and payment rails.
Get a payment license in Ghana.
Ghana wrote its payments law in 2019: the Payment Systems and Services Act, Act 987. The Bank of Ghana licenses six categories and publishes the capital for each - GHS 20 million for a dedicated electronic money issuer, GHS 8 million for a PSP Scheme, GHS 2 million for PSP Enhanced, GHS 0.8 million for PSP Medium, and nothing at all for PSP Standard or a payment and financial technology service provider. Sections 8(5) and 24(3) give the central bank 90 days from a complete application, and section 27 makes the licence run five years. An e-money issuer keeps 100% of the float in liquid assets under section 36(1) and passes at least 90% of the interest on it to holders each quarter. Sixty-three entities held approval in December 2025.
27 yrs
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in-house specialistsspecialists
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Licenses obtainedlicenses obtained
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Ghana in brief
Six categories, a published capital table, and 90 days in the Act.
Act 987 does not print licence classes in a schedule. Section 17(1) asks a payment service provider to keep a minimum paid-up capital unimpaired by losses as the Bank of Ghana determines, and section 17(2) backs it with a remediation plan and a penalty of one-half per mille a day on the shortfall. The figures live in the central bank's licensing-requirements notice, and they are specific: GHS 20 million for a dedicated electronic money issuer, GHS 8 million for a PSP Scheme running a domestic card brand or a switch, GHS 2 million for PSP Enhanced, GHS 0.8 million for PSP Medium, and no capital requirement for PSP Standard or for a payment and financial technology service provider. Fees sit in the same table, from GHS 25,000 of processing and GHS 100,000 of licence fee for a dedicated electronic money issuer down to GHS 500 and GHS 1,000 for PSP Standard. Every category runs five years. PSP Standard is reserved for Ghanaians and wholly owned Ghanaian entities, and every applicant shows proof of at least 30% Ghanaian equity.
The clock is in the statute. Sections 8(5) and 24(3) give the central bank 90 days from a complete application, or from receipt of any further information it has asked for, to grant or refuse. Section 27 sets the licence term at five years, with renewal filed within six months before it ends. Section 36(1) requires a dedicated electronic money issuer to keep 100% of the electronic money float in liquid assets, unencumbered, as cash with a bank in the country withdrawable on demand or another liquid asset the central bank determines. Section 29 goes further than most African statutes: at least 90% of the interest accrued on the float, net of fees, is paid to electronic money holders, and it is paid quarterly. Account tiers and their cedi limits are set by the central bank under section 32 rather than printed in the Act, so we work from its notices. The market carried GHS 518.4 billion of mobile-money value in December 2025 across 26.7 million active customers, with 63 approved entities and GhIPSS Instant Pay as the rail. Corporate tax is 25%. We run the file from Dubai and plan on six to ten months.
Act 987 of 2019 leaves the capital to the Bank of Ghana, and the central bank publishes it: GHS 20 million for a dedicated electronic money issuer, GHS 8 million for a PSP Scheme, GHS 2 million enhanced, GHS 0.8 million medium, and none for PSP Standard or a technology service provider. Sections 8(5) and 24(3) give it 90 days.
The licence runs five years under section 27. An e-money issuer holds 100% of the float in liquid assets (section 36(1)) and pays at least 90% of the interest on it to holders quarterly (section 29). Account limits come from central bank notices, not the Act. Sixty-three approved entities in December 2025. GhIPSS Instant Pay is the rail.
The routes
The PSP ladder, or the dedicated electronic money issuer.
Six categories, four capital figures and two categories that need none. Where you sit decides the capital, the fee and the float rules you have to run. We fix the route first, then build once.
The PSP ladder from GHS 0.8M to 8M, or the DEMI wallet licence at GHS 20M.
01 - PAYMENT SERVICE PROVIDER
PSP Scheme, Enhanced, Medium or Standard
The Bank of Ghana's PSP ladder: GHS 8 million for a Scheme licence covering domestic card brands, switching and routing; GHS 2 million for Enhanced, which adds merchant acquiring, aggregation, payment processing, inward remittances and third-party gateways; GHS 0.8 million for Medium; and no capital for Standard or for a payment and financial technology service provider.
The Bank of Ghana's PSP ladder: GHS 8 million for a Scheme licence covering domestic card brands, switching and routing; GHS 2 million for Enhanced, which adds merchant acquiring, aggregation, payment processing, inward remittances and third-party gateways; GHS 0.8 million for Medium; and no capital for Standard or for a payment and financial technology service provider.
- ✓PSP Scheme GHS 8,000,000 · Enhanced GHS 2,000,000
- ✓PSP Medium GHS 800,000 · Standard no capital requirement
- ✓PFTSP no capital: credit scoring, KYC, fraud and AML platforms
- ✓Fees from GHS 12,000 processing and GHS 40,000 licence at Enhanced
- ✓Licence runs five years, renewed six months before it ends
- ✓PSP Standard reserved for Ghanaians and Ghanaian-owned entities
02 - ELECTRONIC MONEY ISSUER
DEMI - GHS 20,000,000Dedicated electronic money issuer
The wallet licence: agents, e-money accounts, person-to-person transfers, cash-in and cash-out, wallet-based transfers, mobile-money merchant acquiring and termination of inbound international transfers, on GHS 20 million of capital with the float rules of sections 29 and 36.
DEMI: GHS 20,000,000 capital, 100% of the float in liquid assets, at least 90% of float interest paid to holders quarterly, agents under section 86.
- ✓Capital GHS 20,000,000 · processing GHS 25,000 · licence GHS 100,000
- ✓100% of the electronic money float in liquid assets (section 36(1))
- ✓Float held unencumbered, withdrawable on demand at a bank in Ghana
- ✓At least 90% of float interest paid to holders, quarterly (section 29)
- ✓Issue and redeem at par, at any time, on the holder's request
- ✓Agents appointed under section 86; 90-day decision under section 24(3)
Costs and timelines are confirmed for your case before any work begins. The central bank's processing, licence and renewal fees are published per category; they, the float arrangements and substance are itemised in your quote.
Why Ghana
A published capital table and a statutory 90 days.
Ghana is the West African market that prints its numbers. The categories, the capital, the fees and the licence term are all on the central bank's own pages, and the decision period is in the Act rather than in a service charter.
✓
A capital table you can read
GHS 20 million, 8 million, 2 million and 0.8 million by category, published by the central bank with the processing, licence and renewal fees beside them.Four figures, printed by the regulator.
✓
Ninety days in the statute
Sections 8(5) and 24(3) both run 90 days from a complete application, or from the day further information reaches the central bank.A clock in the Act itself.
✓
Two categories with no capital
PSP Standard and the payment and financial technology service provider licence carry no capital requirement. Standard is reserved for Ghanaians and wholly Ghanaian-owned entities.Standard and PFTSP need no capital.
✓
Float rules that favour the holder
100% of the electronic money float in liquid assets under section 36(1), and at least 90% of the interest earned on it paid out to holders every quarter under section 29.100% liquid, 90% of interest to holders.
✓
A market with published numbers
GHS 518.4 billion of mobile-money value in December 2025, 26.7 million active customers, 491,000 active agents and a float of GHS 39.58 billion.GHS 518.4 billion in December 2025.
✓
GhIPSS Instant Pay
Instant account-to-account transfers across financial institutions, alongside gh-link as the national switch, mobile-money interoperability, GhQR and Proxy Pay.Instant transfers across institutions.
How it compares
How Ghana differs from the other West and East African routes.
Ghana asks more capital than Kenya for a wallet licence and far less than Nigeria, and it is the only one of the four with a decision deadline in the statute. The honest comparison is below.
Ghana vs other jurisdictions
| Feature |  Ghana | Other jurisdictions |
|---|---|---|
| E-money capital | GHS 20,000,000 (DEMI) | NGN 2bn Nigeria · KES 20M Kenya |
| Decision clock | 90 days (sections 8(5), 24(3)) | None in Kenya or Rwanda |
| Client funds | 100% of float in liquid assets | Trust Fund in Kenya · trust account in Rwanda |
| Corporate tax | 25% · VAT 15% plus 5% in levies | 30% Nigeria · 30% Kenya · 28% Rwanda |
E-money capital
GhanaGHS 20,000,000 (DEMI)
Other jurisdictionsNGN 2bn Nigeria · KES 20M Kenya
Decision clock
Ghana90 days (sections 8(5), 24(3))
Other jurisdictionsNone in Kenya or Rwanda
Client funds
Ghana100% of float in liquid assets
Other jurisdictionsTrust Fund in Kenya · trust account in Rwanda
Corporate tax
Ghana25% · VAT 15% plus 5% in levies
Other jurisdictions30% Nigeria · 30% Kenya · 28% Rwanda
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Ghana | DEMI · PSP tiers (Bank of Ghana) | 25% · VAT 15% + levies | GHS 0.8M-20M · 90 days |
 Nigeria | MMO · PSSP (CBN) | 30% large companies | NGN 2bn MMO · NGN 100M PSSP |
 Kenya | PSP · e-money issuer (CBK) | 30% · VAT 16% | KES 5M / 20M / 50M · no clock |
 Rwanda | Categories I-IV (BNR) | 28% · VAT 18% | FRW 30M-300M · fee FRW 1M-5M |
GhanaLicense typeDEMI · PSP tiers (Bank of Ghana)
Taxation25% · VAT 15% + levies
RequirementsGHS 0.8M-20M · 90 days
NigeriaLicense typeMMO · PSSP (CBN)
Taxation30% large companies
RequirementsNGN 2bn MMO · NGN 100M PSSP
KenyaLicense typePSP · e-money issuer (CBK)
Taxation30% · VAT 16%
RequirementsKES 5M / 20M / 50M · no clock
RwandaLicense typeCategories I-IV (BNR)
Taxation28% · VAT 18%
RequirementsFRW 30M-300M · fee FRW 1M-5M
Before you apply
Requirements for the Bank of Ghana licence.Requirements for the licence.
Act 987 sets the clock, the float rules and the offence; the central bank's licensing-requirements notice sets the capital, the fees and the documents. The list below is what a passing file contains.
01
A company incorporated in Ghana whose objects read dedicated electronic money issuer, payment service provider, or payment and financial technology service provider.
02
Proof of at least 30% equity shareholding of a Ghanaian, and a notarised attestation identifying every foreign ultimate beneficial owner holding 10% or more.
03
A minimum of three directors, with the key staff the central bank names: chief executive, technology and systems manager, compliance and risk manager, finance manager and AML reporting officer.
04
Paid-up capital at the category figure, unimpaired by losses under section 17(1), with section 17(2) imposing a remediation plan and a daily penalty of one-half per mille on any shortfall.
05
The processing and licence fees for the category, from GHS 25,000 and GHS 100,000 for a dedicated electronic money issuer down to GHS 500 and GHS 1,000 for PSP Standard.
06
For an e-money issuer, arrangements to hold 100% of the float in liquid assets under section 36(1) - unencumbered cash with a bank in Ghana withdrawable on demand, or another liquid asset the central bank determines.
07
Product terms that issue and redeem at par on request, and a mechanism that pays at least 90% of the interest accrued on the float to holders every quarter under section 29.
08
Account tiers built to the limits the central bank sets under section 32; the cedi tables in the Act's schedules are not in its published text, and the revised merchant limits of March 2025 are the current verified example.
09
Agency arrangements under section 86 for any distribution network, with the issuer or provider answering for what its agents do.
10
An application filed through the central bank's ORASS portal, before any activity starts: unlicensed payment service business is an offence under section 9, with penalties running to seven years for an individual.
01
Ghanaian company with the objects the regulator names.
02
At least 30% Ghanaian equity; foreign UBOs at 10% attested.
03
Three directors and five named officers.
04
Capital at the category figure, unimpaired by losses.
05
Processing and licence fees for the category.
06
100% of the e-money float in liquid assets.
07
Issue and redeem at par; 90% of float interest quarterly.
08
Account tiers to the central bank's current notices.
09
Agency arrangements under section 86.
10
Filed through ORASS before any activity starts.
Reflects the Payment Systems and Services Act 2019 (Act 987), the Bank of Ghana's licensing-requirements notice and FinTech Sector Report 2025 FY, and Notice BG/GOV/SEC/2025/08 of 28 March 2025, as of 2026.Act 987 (2019); Bank of Ghana licensing requirements and FinTech Sector Report 2025 FY; Notice BG/GOV/SEC/2025/08 of 28 March 2025.
How it works
From first call to the Bank of Ghana licence.
01
Route and strategy
DEMI, PSP Scheme, Enhanced, Medium, Standard or PFTSP; capital, fees and budget fixed in writing.Category, capital and fees in writing.
02
Company and capital
Ghanaian company incorporated with the required objects, capital paid to the category figure, the 30% Ghanaian equity and the foreign owners documented.Incorporated, capital paid, equity arranged.
03
The application file
Business plan, governance, key staff, AML, technology and float documentation prepared and filed through the ORASS portal.Plan, staff, AML and float documents on ORASS.
04
Central bank review
Ninety days from a complete application under sections 8(5) and 24(3), with information requests answered as they come. Plan on six to ten months end to end.90 days; 6-10 months end to end.
05
Licence and launch
Licence issued for five years, float arrangements live, agents contracted and the quarterly interest mechanism running.Five-year term, float live, agents contracted.
Quick facts
RegulatorBank of Ghana
LawAct 987 (2019)
LicenceDEMI · PSP Scheme / Enhanced / Medium / Standard · PFTSP
CapitalGHS 20M / 8M / 2M / 0.8M / none
E-money float100% liquid · 90% of interest to holders
Decision90 days from a complete application
TenureFive years (section 27)
Corporate tax25% · VAT 15% plus levies
The 90 days run from a complete application, or from the day the last piece of requested information arrives. Both readings reward the same thing: a file the central bank can decide without asking twice.
Your Ghana desk
Run from our West Africa desk.
Prifinance - West Africa desk
Dubai · coordinating Ghanaian mandates
33 Level, Al Saqr Business Tower, Dubai
01
Ghanaian company formation
A company incorporated in Ghana with the objects the central bank requires, the 30% Ghanaian equity arranged and the foreign beneficial owners attested.Objects, 30% equity, owners attested.
02
The Bank of Ghana file
Business plan, governance, key-staff appointments, AML and technology documentation filed through ORASS and defended inside the 90 days.Filed through ORASS, defended in 90 days.
03
Float and settlement
The liquid-asset arrangements under section 36, the quarterly interest mechanism under section 29 and GhIPSS access planned with the licence.Section 36 assets; GhIPSS access.
04
Substance in Accra
Three directors, the five named officers, premises and the reporting calendar running from the day the licence is issued.Three directors, five officers, premises.
We also have offices in
Tallinn
Estonia
Roseni 13
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
London
United Kingdom
7 Bell Yard
Madeira
Portugal
Rua da Alegria 31, 1F
Budapest
Hungary
Korányi Sándor u. 4
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of payment companies in Ghana.
A 25% corporate rate, 15% VAT with two 2.5% levies charged on the same base since January 2026, and 8% withholding on dividends.
Corporate tax 25%
The general rate. Sector rates sit around it: 22% for hotels, 8% for non-traditional exports, 20% on a financial institution's income from farming and leasing loans, 35% on petroleum and minerals.General rate; sector rates around it.
VAT 15% plus levies
The Value Added Tax Act 2025, Act 1151, in force from 1 January 2026, charges the 2.5% health insurance levy and the 2.5% education trust levy on the same base as VAT and drops the COVID-19 recovery levy.Plus 2.5% health and 2.5% education levies.
Registration threshold GHS 750,000
Act 1151 raised the VAT registration threshold from GHS 200,000 to GHS 750,000, which changes the answer for a young payment company in its first year.GHS 750,000 under Act 1151.
Dividends 8%
Withholding on dividends is 8% for residents and non-residents alike. Repatriated after-tax profits of a branch carry the same 8%.Resident and non-resident alike.
Fees paid abroad 20%
Management and technical fees to non-residents are withheld at 20%, which matters where a group charges its Ghanaian licensee for platform or support services.On repatriated after-tax profit.
Payroll and treaties
PAYE and social security on Accra salaries for the three directors and five named officers the licence assumes, with treaty positions checked before profits move.Management and technical fees.
Tax summary
Corporate tax25% general
VAT15% plus 2.5% health and 2.5% education levies
VAT registrationGHS 750,000 (Act 1151, from 1 January 2026)
Dividend withholding8% resident and non-resident
Branch profits8% on repatriated after-tax profit
Fees to non-residents20% management and technical fees
*Figures as of 2026 per the Ghana Revenue Authority, with the Value Added Tax Act 2025 (Act 1151) in force from 1 January 2026. Treaty and regime positions are assessed per structure.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Ghanaian company, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, licensed provider.
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The Ghanaian payment licence, answered.
What licence does a payment business need in Ghana?+
A licence from the Bank of Ghana under the Payment Systems and Services Act 2019. The categories are dedicated electronic money issuer, PSP Scheme, PSP Enhanced, PSP Medium, PSP Standard and payment and financial technology service provider. The activity list you sell decides which.
How much capital is required?+
The central bank publishes the table: GHS 20 million for a dedicated electronic money issuer, GHS 8 million for a PSP Scheme, GHS 2 million for Enhanced and GHS 0.8 million for Medium. PSP Standard and the technology provider licence carry no capital requirement.
How long does the central bank take?+
Sections 8(5) and 24(3) both give it 90 days from a complete application, or from receipt of any further information it requested. From first call to licence, plan on six to ten months.
How long does the licence last?+
Five years under section 27(1), for every category. Renewal is filed within six months before the licence expires, which is a date worth putting in the compliance calendar on day one.
How is the e-money float protected?+
Section 36(1) requires 100% of the float in liquid assets. Section 36(2) keeps those assets unencumbered and limits them to cash with a bank in Ghana withdrawable on demand, or another liquid asset the central bank determines.
Who gets the interest on the float?+
The holders. Section 29(2) requires the issuer to pay not less than 90% of the interest accrued, net of fees and charges, to electronic money holders, and section 29(12) makes that payment quarterly.
What are the wallet limits?+
Section 32 categorises accounts on a risk basis under the First Schedule and delegates the limits to the central bank; the cedi tables are not in the Act's published text. The verified adjacent figures are the revised merchant account limits of March 2025: GHS 5,000, GHS 40,000 and GHS 75,000 by tier.
Does a foreign owner need a Ghanaian partner?+
The central bank asks every applicant for proof of at least 30% equity shareholding of a Ghanaian, plus a notarised attestation of foreign beneficial owners holding 10% or more. PSP Standard goes further and is reserved for Ghanaians and wholly Ghanaian-owned entities.
How are payment companies taxed?+
Corporate tax at 25%, VAT at 15% with the 2.5% health and 2.5% education levies charged on the same base under Act 1151 from 1 January 2026, and 8% withholding on dividends. Management and technical fees paid abroad carry 20%.
Why Ghana rather than Nigeria or Kenya?+
Ghana prints its capital table and gives you 90 days in the statute, at GHS 20 million for a wallet licence against NGN 2 billion in Nigeria. Nigeria is the far larger market with NIBSS behind it; Kenya has deeper mobile money and lower entry capital. Groups that want a West African base with published rules and a readable timetable start in Accra.
Which licence?+
Bank of Ghana: DEMI, PSP Scheme, Enhanced, Medium, Standard or PFTSP.
Capital?+
GHS 20M / 8M / 2M / 0.8M; Standard and PFTSP none.
How long?+
90 days from a complete application; 6-10 months realistic.
Licence term?+
Five years; renewal six months before expiry.
Float?+
100% in liquid assets (section 36(1)).
Float interest?+
At least 90% paid to holders, quarterly.
Wallet limits?+
Set by central bank notices, not the Act.
Ghanaian ownership?+
At least 30% equity; Standard is Ghanaian-only.
Taxes?+
25% CIT, VAT 15% plus 5% levies, dividends 8%.
vs Nigeria / Kenya?+
Published table and a 90-day clock; smaller market.
Client notes
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Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the Bank of Ghana or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.