In a move observers say is commendable, the Bank of Ghana has given the first-ever enhanced Payment Service Provider license to one of the nation’s foremost financial technology companies, Nsano Limited. The license, among other things, supports the provision of services including electronic funds transfer, facilitation of interoperability of payment systems and services. It also supports 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.
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. 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.
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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. It is indicative of the company’s commitment and adherence to international best practices and world-class standards in ensuring customer protection and satisfaction. It also shows the companies progress in inhibiting fraud, as well as contributing their quota to promoting digitisation, financial inclusion, and inclusive sustainable economic development.
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Whilst expressing excitement at the award of the license, Kofi Owusu-Nhyira, a director of the company, indicated that it was privileged to serve the country, particularly in such times when the Covid-19 pandemic has revealed the true essence of digital financial services. He also pledged 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.
As part of efforts to foster soundness in the financial services sector, the central bank has tightened its controls of the country’s financial ecosystem. It has consolidated and formalised its oversight of financial technology companies in order to promote innovation and growth, without jeopardising the safety, security, and stability of the financial services sector.
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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. Mr Owusus said they are ready to support the Bank of Ghana in leveraging digital channels to minimise risks and operational disruptions to both customers and providers of financial services.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry