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The Bank of Ghana (BoG) granted the first payment service provider license to one of the country’s leading financial technology companies, Nsano Limited.
As part of efforts to build soundness in the financial services sector, the Central Bank of Ghana has tightened its controls on the country’s financial ecosystem; consolidating and formalizing its oversight of financial technology companies to promote innovation and growth, without compromising the security of the financial services sector.
The 2019 Payment Systems and Services Act (Act 987) provides the legal and regulatory framework for the orderly development of the Ghana payment system and gives the Bank of Ghana the mandate to properly authorize and supervise financial technology companies operating in the country.
Kofi Owusu-Nhyira, the company’s director, said it was a privilege to serve the country, particularly at a time when the COVID-19 pandemic has revealed the true essence of digital financial services.
Furthermore, he 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, and to support the Bank of Ghana in leveraging digital channels to minimize risks and operational interruptions for both customers and suppliers. financial services.
Nsano Limited, a diversified provider of financial technology solutions, currently maintains its focus on creating custom mobile financial services applications for banks and insurance companies, providing payment solutions to merchants, offering remittance services, and playing the role of a aggregator in the connection of various entities to the nation. Mobile money operators are the first to obtain the Bank of Ghana Payment Service Provider License (Enhanced).
The license, inter alia, supports the provision of services, including electronic funds transfer, facilitation of interoperability of payment systems and services, aggregation of payment systems, provision of electronic platforms for payment or receipt of funds and the provision of technological services to facilitate the change, routing, cleaning and data management.
Obtaining the license reinforces Nsano’s position as a progressive industry leader and a formidable technology partner for financial institutions, merchants, digital solution providers, remittance companies, and other fintechs with the goal of being guided to obtain a PSP license ( standard).
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 percent of Africa’s GDP by 2025.
“The PSP license that closely follows the company’s ISO 27001: 2013 certification, the presentation of its state-of-the-art Fraud Center and the granting of the Remittance Facility, is indicative of the company’s commitment and adherence to international best practices. and world-class standards to ensure protection and customer satisfaction, inhibit fraud, as well as contribute its share to promote digitization, financial inclusion and inclusive sustainable economic development, “he said.
