These guidelines replace the previous Guidelines for Branchless Banking (Notice No. BG/GOV/SEC/2008/21) and as such, the stipulations outlined therein are hereby rescinded, including the requirement for a many-to-many model and the applicability only to deposit-taking financial institutions.
These guidelines are issued as part of the Bank of Ghana’s broader strategy to create an enabling regulatory environment for convenient, efficient and safe retail payment and funds transfer mechanisms. They promote the availability and acceptance of electronic money as a retail payment medium with the potential to increase financial inclusion and specify necessary safeguards and controls to mitigate the risks associated with e-money business and ensure consumer protection safeguards.
Furthermore, the guidelines provide rules for e-money issuers (EMIs) offering financial services outside traditional bank premises by using retail agents as alternative delivery channels.