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The Bank of Ghana granted the first enhanced payment service provider license to one of the country’s leading financial technology companies, Nsano Limited.
The license, among other things, supports the provision of services, including electronic funds transfer, facilitating interoperability of payment systems and services.
It also supports the aggregation of payment systems, the provision of electronic platforms for the payment or receipt of funds, and the provision of technological services to facilitate data exchange, routing, clearing and management.
Nsano Limited is a diversified provider of financial technology solutions that currently maintains its focus on creating custom mobile financial services applications for banks and insurance companies.
The company also offers merchant payment solutions, remittance services and acts as an aggregator to connect various entities with mobile money operators.
Obtaining the license reinforces Nsano’s position as a progressive industry leader and a formidable technology partner of financial institutions, merchants, digital solution providers, remittance companies and other fintechs seeking to be guided to obtain a PSP (Standard) License. .
Following its establishment in Ghana a few years ago, Nsano launched operations in other African markets, including Zambia, Uganda and the Ivory Coast, in a constant attempt to realize its vision to process 50% of Africa’s GDP by 2025.
The PSP license that follows closely after the company’s ISO 27001: 2013 certification, the presentation of its state-of-the-art Fraud Center and the granting of the Remittance Facility.
It is indicative of the company’s commitment and adherence to international best practices and world-class standards to ensure customer protection and satisfaction.
It also shows the progress of companies in inhibiting fraud, as well as contributing their share to promote digitization, financial inclusion and inclusive sustainable economic development.
While expressing enthusiasm for the licensing, Kofi Owusu-Nhyira, the company’s director, indicated that it was a privilege to serve the country, particularly at a time when the Covid-19 pandemic has revealed the true essence of financial services. digital. .
He also pledged the company’s commitment to play its role in innovation and adaptation in response to the country’s financial technology service needs during these unusual times.
As part of efforts to build soundness in the financial services sector, the central bank has tightened its controls on the country’s financial ecosystem.
It has consolidated and formalized its oversight of financial technology companies to promote innovation and growth, without jeopardizing the security and stability of the financial services sector.
The 2019 Payment Systems and Services Law (Law 987), provides the legal and regulatory framework for the orderly development of the country’s payment system.
It gives the Bank of Ghana the mandate to duly authorize and supervise financial technology companies operating in the country.
Owusus said they are ready to help the Bank of Ghana take advantage of digital channels to minimize risks and operational disruptions for both customers and financial service providers.
