Obviously, nothing beats more than sticking out of a saturated ecosystem. Foremost financial technology company, Nsano Limited has proved this by receiving Ghana ’s first ever enhanced Payment Service Provider license under Ghana ’s newly passed Payment Systems & Services Act 2019 (Act 987). This is so remarkable because this is the very first time a law like this would ever be made regulating financial technology companies in Ghana. Even neighboring Nigeria, Africa’s largest economy and home to Africa’s leading fintech companies like Flutterwave, etc. does not have a law enacted to focus solely on financial technology companies.
Here Is What You Need To Know
- The Payment Systems & Services Act 2019 (Act 987), provides the legal and regulatory framework for the orderly development of the country’s payment system.
- It grants the Bank of Ghana the mandate to duly license and supervise financial technology companies operating within the country.
- Nsano’s new license, among other things, will support its provision of services including electronic funds transfer, facilitation of interoperability of payment systems and services.
- It will also allow the company to embark on strides such as supporting the 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.
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A Look At Fintech Company Nsano Limited
- Nsano Limited is a diversified financial technology solutions provider which currently maintains its focus on building custom mobile financial service applications for banks and insurance companies.
- The company also provides merchant payment solutions, remittance services and acts as an aggregator in connecting various entities to mobile money operators.
- 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.
- Obtaining the license places Nsano Limited in a good position as an 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.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer.