Ghana - Apply for a Licence to Establish Financial Institution

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Procedure

Apply In-Person:

1. To Apply for Licence to Establish Financial Institution in Ghana, the applicant has to approach the Bank of Ghana. contact link
2. Walk into any Bank and tell them applicants want to open an account and then the applicant will be given a form to fill.
3. Applicant must be submitting the current billing receipt that is not more than three months old {like, Water bill or Electricity bill with your address boldly written on it}.
4. Payment of appropriate fees should be made and that can be found under the "Fees" The submission of any untrue or misleading information shall render the applicant a person not fit and proper and shall constitute sufficient grounds for rejection of the application or revocation of the licence, where a licence has been granted, in accordance with sections 10 (8) and 17 (h) of the Act.
5. Upon receipt of an application form together with the requisite application fee and supporting documents in accordance with regulations, the Supervision Function of the Central Bank shall, within ten days, send the applicant a formal letter of acknowledgement or a letter of deficiency.
6. A letter of acknowledgement shall constitute official notice that the documents submitted were found to be complete and that the processing or evaluation may commence.
7. A letter of deficiency shall outline deficiencies in the application, provide a deadline for rectification of the deficiencies and no further action shall be taken by the Central Bank unless the deficiencies are rectified within the period prescribed.
8. The Central Bank shall, within six months after receipt of a complete application and in accordance with section 12 of the Act, investigate and prepare a detailed report in respect of each application.
9. The report shall indicate the decision of the Central Bank to
   • Grant the license if it is satisfied that the application satisfies the requirements of the Act and these Regulations.
   • Grant the license subject to the fulfillment of certain conditions that it may deem necessary.
   • Grant the applicant a limited license covering only part of the financial institution business for which it is satisfied that the applicant meets the requirements.
   • Refuse to grant the license for reasons that shall be stated in the notice of decision or letter of refusal.
10. The Central Bank shall inform the applicant, in writing, of its decision to grant or refuse to grant the licence.
11. A notice communicating the decision not to grant a licence shall state the grounds upon which it is based.
12. Where the Central Bank decides to grant a licence, it shall, in the notice communicating the decision to grant a licence, require the applicant to submit, within a period of two weeks after the date of receipt of the notice, a certificate of deposit in the name of the applicant indicating that it has deposited or invested an amount not less than the required minimum paid-up capital in such accounts or assets approved by the Bank of Ghana, before a licence can be issued.
13. The processing time for this procedure takes 6 months.

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Required Documents

Submission of:

• Application forms (properly filled and signed by the applicant).
• A certificate of incorporation and memorandum and articles of association.
• A business plan and financial projections for at least three years (including the assumptions underlying the projections and a sensitivity analysis of the plan on varying assumptions).
• A certified copy of the resolution of the Board of Directors, authorizing the preparation and submission of the application.
• An information sheet for the applicant and for each of its substantial share holders (if corporate), subsidiaries or affiliates.
• Certified copies of audited financial statements for the past three years
• Recent audited accounts are more than six months out of date.
• Personal declaration form for each of the proposed directors, officers and substantial shareholders (if natural persons).
• Proposed capital structure of the financial institution.
• No Objection certificate

Office Locations & Contacts

Contact Details
Head Office, Accra
Bank of Ghana
One Thorpe Road
P.O. Box GP 2674, Accra
GQVV+6J Accra, Ghana
Email: [email protected]
Phone Numbers: +233-30-2666174 – 6 / +233-30-2666361 – 5 / +233-30-2666902 – 8 / +233-30-2666921 – 5
Fax: +233-30-2662996

Cedi House (Head Office Annex)
Phone Number:+233-30-2665252

Hohoe Office
P.O. Box 116, Hohoe
Contact number: +233-35-2222045/ +233-35-2222122

Kumasi Office
P.O. Box 1989, Kumasi
Phone Numbers:+233-32-2022551/ +233-32-2023944 / +233-32-2024807

Sunyani Office
P.O. Box 598, Sunyani
Phone Numbers:+233-36-2027161 / +233-36-2027260

Tamale Office
P.O. Box 340, Tamale
Phone Numbers:+233-37-2022130 / +233-37-2022664 / +233-37-2022982

Takoradi Office
P.O. Box 532, Takoradi
Contact number: +233-31-2024035 / +233-31-2024372
Contact link
Location link

Eligibility

• Any person is eligible to make an application to run a financial institution in Ghana.
• This application allows a person to operate a financial institution in Ghana.
• In Ghana no person shall, operate a financial institution in Ghana unless authorized by Bank of Ghana.

Fees

Application fee:

• Banks - 1,000,000 GHS
• Non-bank - 500,000 GHS

Validity

• A License issued under this institution is valid for one year and expire on 31 December every year.

Documents to Use

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Sample Documents

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Processing Time

• The processing time for this procedure takes 6 months.

Related Videos

Videos explaining the procedure or to fill the applications.
Attach videos using the following tag <&video type='website'>video ID|width|height<&/video&> from external websites.
Please remove the '&' inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver,
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.g In the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

Instructions

Please provide other instructions related to the certificate/documents.
E.g. the state office holds birth records since January 1908.

Required Information

• Full name of applicant
• Physical and postal address of head office/ proposed new outlet
• Date of incorporation
• Form of incorporation
• Description of the applicants business or functions
• Certificate of incorporation Number
• Details of subsidiaries and affiliates (Name of Outlet, County, City/Town, Street, Building, Date opened)
• Particulars of shareholders (Name, Nationality, Date of acquisition, Amount of shareholding, % of shareholding)
• Particulars of directors (Name, Nationality, Date of appointment, Level of education)
• Particulars of the officers in the order of seniority (Name, Designation, Nationality, Date of appointment)
• Ownership profiles
• Shareholding in any other financial institution
• Name of applicants external auditors
• Declaration

Need for the Document

• The applicants need to apply for this license to legally establish a financial institution in Ghana.

Information which might help

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Other uses of the Document/Certificate

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e.g. Birth Certificate can be used as proof of identity.

External Links

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Others

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