Ghana is one of Africa’s most active fintech markets. If you are building an app that holds, sends or processes money, the first big question is not about your tech stack. It is about licensing. Operating a payment service without the right licence can shut a startup down.
This guide gives an overview. It is not legal advice: talk to a lawyer and the Bank of Ghana’s fintech office before you launch.
The law: Act 987
The Payment Systems and Services Act, 2019 (Act 987) is the main law for payments in Ghana. It gives the Bank of Ghana the power to license and supervise payment and fintech companies, and it sets minimum standards on capital, governance and systems before a company can operate.
The main licence categories
The Bank of Ghana’s framework groups fintechs into categories by what they do and how much risk they carry, each with different capital requirements and permitted activities. Sources describe six main categories:
- Dedicated Electronic Money Issuer (DEMI): for non-bank companies that issue electronic money, such as wallets. The first DEMI licence went to the fintech Zeepay in 2020.
- Payment Service Provider (PSP) – Enhanced: the broadest PSP tier, allowing a wider range of payment services.
- PSP – Medium: a narrower set of permitted activities.
- PSP – Standard: the entry tier, with the most limited activities.
- PSP – Scheme: for associations or schemes of payment service providers.
- Payment and Financial Technology Service Provider (PFTSP): for companies that provide technology to licensed institutions rather than handling customer funds directly.
Which one do you need?
It depends on your model. Ask yourself:
- Do you hold customer money, even briefly? You are likely in e-money or PSP territory.
- Do you only provide software to banks or licensed PSPs, without touching funds? A technology provider licence may fit.
- Do you partner with a licensed institution that carries the licence while you build the product? Many startups start this way, but the arrangement must be structured properly.
What regulators typically look at
- Minimum capital for your licence tier.
- Governance: fit-and-proper directors and key staff.
- Systems and security: how you protect customer data and funds.
- Anti-money-laundering controls, including knowing your customer.
- Consumer protection: complaints handling and clear pricing.
- Data protection: registration with the Data Protection Commission.
Practical steps for founders
- Write down exactly how money flows through your product, step by step.
- Speak to a fintech lawyer early, before you build features that depend on a licence you may not get.
- Engage the Bank of Ghana’s fintech office. Ghana’s regulator has run a regulatory sandbox for innovative products in the past; ask what programmes are currently open.
- Budget for compliance: capital, audits, security testing and compliance staff.
- Register with the Data Protection Commission and plan your security from day one.
In fintech, the licence is part of the product. Plan for it as seriously as your app.
This guide was checked in October 2026. Menus and services change, so if something looks different on your phone, check with your provider.
Common questions
Do I need a licence just to build an app?
Building software does not need a payments licence. Offering payment services to the public usually does, either through your own licence or a properly structured partnership with a licensed institution.
How long is a PSP licence valid?
A Ghanaian legal guide reports that PSP licences are valid for five years. Confirm current terms with the Bank of Ghana.
Can a foreign startup get a licence?
Foreign-owned companies can operate, but requirements, including local incorporation and ownership rules, should be checked with the Bank of Ghana and a lawyer.
Is there a sandbox for testing new ideas?
The Bank of Ghana has run a regulatory sandbox for innovative products. Ask its fintech office about current programmes.
