Credit Union license Applications
An application for a license shall be made in writing to the Head, Other
Financial Institutions Supervision Department, Bank of Ghana, Accra
2 (or through CUA if the Credit Union/CFI is affiliated to CUA) for
consideration and shall be accompanied by:
i. A certified true copy of the Certificate of Registration and the
Credit Union’s/CFI’s bye-laws or other Instrument, relating to the
proposed business, or by or under which any person proposing to
carry on such business was established.
The registered name of the business should include ‘Co-operative Credit Union’.
ii. Evidence of a minimum membership of 150 with a potential
membership of not less than 600.
iii. Details of registered place of business and/or principal place of
business accessible to members and suitable for the services to be
offered with the Credit Union’s/CFI’s signboard conspicuously
placed and its business hours boldly written.
iv. Financial data including financial statements and feasibility
reports which contain among others a business plan and financial
projections for the first five (5) years.
v. Evidence of membership of the Credit Union Association
(CUA)/Apex Body of CFI.
vi. Names, addresses, occupations and corporate affiliations of
members of the Interim Management Board (IMB).
The board shall comprise not less than five (5) directors.
vii. Particulars including backgrounds and business interest of IMB
and key management personnel concerned with the management
of the Credit Union/CFI.
viii. Completed Personality Note Form (PNF) of members of the IMB
and key management staff of the Union.
The PNF can be downloaded from the Bank of Ghana website.
(www.bog.gov.gh/supervisionandregulation/licensingpolicyan
guidelines)
ix. Tax Clearance Certificate of IMB members and key management
personnel.
x. Information on other matters that the applicant considers relevant for
the determination of the application.
xi. Such other additional information or particulars which the Bank
of Ghana considers relevant or may require for the determination
of the application.
xii. Evidence of payment of a non-refundable processing fee of GH¢
500.00 or as may be determined by the Bank of Ghana.
xiii. Evidence of request for Police clearance for IMB members and key
management personnel.
xiv. The application shall be signed by members of the board of
directors or by a representative of the applicant legally authorized to
sign the application.