Looking to set up a banking or non-banking institution in Ghana? There are some key crucial steps you must go through before you engage in such an endeavour. Skipping the process and operating your financial institution will be a recipe for disaster. Therefore, we have simplified the process and put in place the four-step process you need to take to obtain your non-banking or banking license in Ghana.
How to Obtain a Non-Banking or Banking License in Ghana
- You will first be required to make an application to the Bank of Ghana, providing details on matters such as key personnel, feasibility reports, and evidence of capital.
- After the application, the Bank of Ghana may conduct an appraisal to determine if the representations made in the application are accurate and true.
- The Bank of Ghana may then issue a provisional approval provided the applicant has an initial paid-up capital and will maintain integrity, prudence, and competence.
- The Bank of Ghana may then issue a final license approval if it is satisfied that the applicant has the necessary organizational and infrastructural arrangements to operate in Ghana.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.