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An application for a license is granted within 60 days of its submission. A license so granted is renewable every 12months and is non-transferable. The BoG has the power to suspend or revoke licenses issued in accordance with theForeign Exchange Act when the licensee violates the terms of the license or any regulation governing the usage ofthe license.Payment Systems ActThe Payment Systems Act mandates the BoG to establish, operate, promote, and supervise payments and fundstransfer and to oversee the clearing and settlement systems in Ghana. The BoG also may designate any otherpayments, funds transfer, and clearing and settlement systems operating in the country that it considers to be in thepublic interest for the Bank to supervise.The BoG exercises overall responsibility over the operations of all payment systems in the country. Records of alloperations and transactions of any payment system must be retained for a minimum period of six years.Anti-Money Laundering ActThe Anti-Money Laundering Act established the FIC, which aims to assist in the identification of proceeds ofunlawful activity and combat money laundering activities.The FIC also provides information to investigating authorities, the intelligence agencies, and the revenue agencies,to facilitate the administration and enforcement of the laws of Ghana and exchange information with similar bodiesin other countries in relation to money laundering activities and similar offenses.Borrowers and Lenders ActThe Borrowers and Lenders Act provides a legal framework for credit, improves standards of information disclosedby borrowers and lenders, prohibits unfair credit practices, and promotes consistent enforcement mechanisms relatedto credit and related matters.The Act applies to credit agreements regardless of whether or not the lender is a resident or has its office in Ghana,or is a state institution, an entity controlled by a state institution, or an entity created by an enactment. The Actapplies to credit agreements even if a party to those agreements ceases to reside or have an office in Ghana.Non-Bank Financial Institution ActThe Non-Bank Financial Institutions Act regulates the operations of non-bank financial institutions and non-bankfinancial service providers. It does not apply to operators of microfinance services whose risk assets that do notexceed the amounts prescribed by the BoG and whose sources of funds do not include deposits from the public.A license is issued by the BoG prior to the commencement of operations; such a license is only issued to bodies thatare incorporated under the laws of Ghana with the sole objective of carrying on a non-bank financial service or tocredit unions that have satisfied the minimum capital requirement as set out by the BoG from time to time. The BoGmay revoke the license by a notice in writing to the licensee if the licensee conducts business in a mannerdetrimental to the interests of depositors or customers or for similar reasons.