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Bank of Ghana begins new licensing, fees for financial institutions

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bank-of-ghanaGhana’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

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