Digital financial services

The Bank of Ghana may impose on banks or Specialized Deposit-Taking Institutions, an administrative sanction of not more than 10,000 penalty units for breach of new guidelines on digital financial services. In the case of continuous breach, an additional penalty of not more 50 penalty units shall be imposed for each day the breach continues. This is in accordance with section 92 of Act 930. Again, in accordance with section 44 of the Non-Bank Financial Institutions Act, 2008 (Act 774), the Central Bank may impose on a non-bank financial institution, an administrative sanction of not more than 10,000 penalty units…