Guidelines for Rural Banking License


(enacted in 2005)

Guidelines for Rural Banking License, issued by the Banking Supervision Department of the Bank of Ghana (BOG) in 2005, describes the eligibility criteria for applying for licenses and discusses permissible banking business activities in Ghana, including:

  • Acceptance of deposits from public;
  • Lending; and
  • Inward money transmission services.

The guidelines highlight that every application should be accompanied by:

  • Details of persons holding significant shareholding;
  • Particulars of directors and key personnel management of proposed venture;
  • Statutory declaration note by the directors;
  • Feasibility report including business plans and financial projections; and
  • Capital and sources of funds.

The guidelines describe the minimum paid up capital required by individuals and corporate bodies for provisional approval as well as the activities permissible by the BOG on provisional approval which include:

  • Acquisition and refurbishment of premises for banking business;
  • Acquisition and other logistics to support bank operations;
  • Submission of:
    • Operational and policy manuals;
    • Audited pre operating accounts;
    • Operational budget for first year; and
    • Recruitment and induction of staff.

The guidelines also touch upon the following:

  • Conditions specified by BOG for issuing final approval and license;
  • Conditions for refusal of license by the BOG;
  • Time limit for decision on the application; and
  • Amount to be paid as processing and licensing fees.