Bank of Ghana begins new licensing, fees for financial institutions

Ghana’s central bank has begun new application and licensing fees regime for financial institutions in the country.

The new fees which apply to Banks [universal and rural] and Non-Bank Financial Institutions (NBFIs), is in accordance with Sections 5 and 8 of the Banking Act, 2004 (Act 673) as amended and Section 5 of the Non-Bank Financial Institutions Act, 2008 (Act 774).

In a statement, the BoG said the new fees took effect January 1, 2014.

The application processing and licensing fees are as follows for the under-listed Banks and NBFIs:

Application Processing Fees for New Operating Licences

1.1 Class 1 Banks (Universal Banks) GH¢20,000

1.2 NBFIs (Savings and Loans Companies, Finance Houses and
Mortgage Companies) GH¢5,000

1.3 Rural and Community Banks GH¢1,000

1.4 The above fees shall also be applicable to applications in respect of the opening of branches and/or agencies.

Initial Licensing Fees

2.1 Class 1 Banks (Universal Banks) GH¢100,000

2.2 NBFIs (Savings and Loans Companies, Finance Houses and Mortgage Companies) GH¢10,000

2.3 Rural and Community Banks GH¢1,000

Annual Licensing Fees

3.1 Class 1 Banks (Universal Banks) GH¢10,000.00 (Ten Thousand Ghana Cedis) payable on or before January 31 each year.

3.2 NBFIs (Savings and Loans Companies, Finance Houses and Mortgage Companies) GH¢5,000 payable on or before January 31 each year.

3.3 Rural and Community Banks GH¢1,000.00 (One Thousand Ghana Cedis) payable on or before January 31 each year.

By Ekow Quandzie