The Bank of Ghana has awarded the first ever Payment Service Provider (Enhanced) License to one of the nation’s foremost financial technology companies, Nsano Limited.
As part of efforts to foster soundness in the financial services sector, the Ghanaian Central Bank has tightened its controls of the country’s financial ecosystem; consolidating and formalizing its oversight of financial technology companies in order to promote innovation and growth, without jeopardizing the safety, security, and stability, of the financial services sector. The Payment Systems & Services Act 2019 (Act 987), provides the legal and regulatory framework for the orderly development of Ghana’s payment system and grants the Bank of Ghana the mandate to duly license and supervise financial technology companies operating within the country.
Nsano Limited, a diversified financial technology solutions provider which currently maintains its focus on building custom mobile financial service applications for banks and insurance companies, providing merchant payment solutions, offering remittance services, and playing the role of an aggregator in connecting various entities to the nation’s mobile money operators, is the first to have been granted the Bank of Ghana Payment Service Provider (Enhanced) License.
The license, among other things, supports the provision of services including electronic funds transfer, facilitation of interoperability of payment systems and services, payment system aggregation, provision of electronic platforms for payment or receipt of funds, and the provision of technological services to facilitate switching, routing, clearing and data management. Obtaining the license buttresses 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 aiming to be guided to obtain a PSP (Standard) License.
Following its establishment in Ghana some years ago, Nsano launched operations in other markets across Africa including Zambia, Uganda and Cote d’Ivoire, in a steady attempt of realizing its vision of processing 50% of Africa’s GDP by 2025.
The PSP license which follows closely after the company’s ISO 27001:2013 certification, the unveiling of its state-of-the-art Fraud Centre, and the award of the Remittance Grant Facility, is indicative of the company’s commitment and adherence to international best practices and world class standards in ensuring customer protection and satisfaction, inhibiting fraud, as well as contributing its quota to promoting digitization, financial inclusion, and inclusive sustainable economic development.
Whilst expressing excitement at the award of the license, Mr. Kofi Owusu-Nhyira, a director of the company, indicated that it was a privilege to serve the country, particularly in such times when the COVID-19 pandemic has revealed the true essence of digital financial services. He also took the chance to pledge the company’s commitment to playing its part in innovating and adapting 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 disruptions to both customers and providers of financial services.