A body corporate which engages in the deposit-taking business and is issued with a banking licence in accordance with this Act;

For an entity to be considered a bank, there must be:

1. Incorporation.
2. A banking licence.
3. Engagement in deposit taking business.

This means the business of

1. Taking money on deposit and making loans or other advances of money; and
2. Financial activities prescribed by the Bank of Ghana for purposes of this definition;

Per Lord Denning,

There are, therefore, two characteristics usually found in bankers today:

1. they accept money from, and collect cheques for, their customers and place them to their credit;
2. they honour cheques or orders drawn on them by their customers when presented for payment and debit their customers accordingly. These two characteristics carry with them also a third, namely,
3. they keep current accounts, or something of that nature, in their books in which the credits and debits are entered.

Those three characteristics are much the same as those stated in Paget’s Law of Banking (6th Edn) (1961), p 8: “No-one and nobody, corporate or otherwise, can be a ‘banker’ who does not (i) take current accounts; (ii) pay cheques drawn on himself; (iii) collect cheques for his customers.”

This is:

A body corporate which engages in the deposit-taking business and is issued with a licence to engage in the deposit-taking business in accordance with this Act.

For an entity to be considered a specialised deposit-taking institution, there must be:

1. Incorporation.
2. Engagement in deposit taking business.
3. A licence to engage in the deposit taking business.

This is

A company that controls a bank or a specialised deposit-taking institution which is subject to registration requirements under this Act;

This is

A specialised deposit-taking institution engaged primarily in the provision of deposit-taking and credit services targeted at low income clients and the economically active poor;