2 Ghana Fintech 2020 The BoG has indicated its desire to digitise the Ghana cedi by launching a digital currency known as the e-Cedi. Finances & Insurance / Money Service Business. August 9, 2022 | In Uncategorized | By webmanager@olaryea. Before applying for a licence, the FinTech company must be a company incorporated under the laws of Ghana and must provide an overview of the company and attach the registration documents from the Registrar General's Department. Patrick now holds the position of Chief Transformation Officer at DreamOval in charge of . According to the fintech, the funding will be used to acquire the Payment and Financial Technology Service Providers (PFTSP) license in Ghana, build and deploy new products including BezoCredit, an interest-free credit product, and BezoInvest, an investment product. A further requirement is that an institution with a FinTech licence (persons under Article 1b of the Banking Act) must be a company limited by shares, a corporation with unlimited partners or a limited liability . In furtherance of efforts to deepen financial inclusion and in accordance with the Payment Systems and Services Act, 2019 (Act 987), the Bank of Ghana has . The PSP Enhanced License supports the provision of services including Mobile Payments, Bulk Payments, Termination of Inward Remittances, and Electronic Funds Transfers. We are a preferred partner for remittance companies terminating remittances in Ghana. THE Bank of Ghana (BoG) says it is engaging the financial services industry and seeking views to inform the operationalisation of the Payment Systems and Services Act, 2019 (Act 987). The funding will help aim to remove key bottlenecks that can help further accelerate Ghana's digital transformation, as it is a key digital leader in Sub-Saharan Africa. The path to FinTech growth in Ghana . Governance Alex Adjei Bram is the CEO of Hubtel, Ghana's first business-grade, fully integrated, all-platform payment acceptance solution. Sovereign Bank was among the three entities granted banking licences last year. We enable Visa/Mastercard transactions as well as mobile money transactions. Dion who is the C.E.O of the Ghana branch led the rollout that will aid operations in Ghana and get licensing by regulators. For instance, securing a Fintech license that has allowed it to process over 4B$ processed in 3 years. Zeepay aims at closing a financial and payment gap between different financial institutions through digitalization by allowing quick and easy access to finances through the . FinTech ghana license Author Joseph-Albert Kuuire Juni Ghana Ltd is a payment service provider. Although relatively new, the office has established a licensing guideline that has facilitated the licensing of some 46 Fintech companies so far and the rollout of the Regulatory and Innovation Sandbox program for the testing of innovative unregulated Fintech innovations of licensed and unlicensed institutions. October 1, 2022. The Fintech license permits companies to accept public funds up to a maximum amount of CHF 100 million, provided they neither invest nor pay interest on these funds. 10. The Fintech license is subject to certain conditions relating to, inter alia, the institution's organization, risk management, compliance, accounting and minimum capital (at . It is also licensed through its subsidiary in the . the Bank of Ghana issued its first dedicated electronic money issuer licence to ZeePay Ghana Limited, a local Fintech. That will be used to make your financial process so easy. Under L.I 2204, specifically Regulation 4 (2), a non-indigenous Ghanaian company seeking to participate in a petroleum activity in Ghana must afford an indigenous Ghanaian company other than the Corporation (GNPC) an equity participation of at least 5% to be qualified to enter into a petroleum agreement and or a licence with the government of . The stated purpose is to give more choices to consumers and recognize the value of FinTech businesses in banking. The Payment Systems and Services Act, 2019 (Act 987) which allows for the entry of non-banks - as well as . Earlier this year, the company also recruited Patrick Quantson, a seasoned banker who's led digital operations at some of Ghana's largest banks. The FinTech licence allows institutions to accept public deposits of up to CHF 100 million or cryptobased assets, provided that these are not invested and no interest is paid on them. FinTech in Ghana has contributed a lot to business in Ghana. In 2021, the Bank of Ghana set up the Fintech and Innovation Office with responsibility for the licensing and oversight of dedicated electronic money issuers, payment services providers, closed loop payment products, payment support solutions and other emerging forms of payments delivered by non-bank entities. Stakeholders in the FinTech and cryptocurrency sectors have been charged with upholding consumer protection in their operations. Kuda Bank eliminates the typical paper process as everything is carried out online. In addition to the conventional banking license, the partially revised Banking Act created a new . There are five (5) main classifications of PSP or FINTECH licenses in Ghana. For instance, securing a Fintech license that has allowed it to process over US$4bn processed in 3 years. Here are the 5 most important things to consider before creating new Fintech startups. Fintech License in Ghana. OZ Crunchbase Website Twitter Facebook Linkedin OZ brings African small businesses into the digital era. Patrick now holds the position of Chief Transformation Officer at DreamOval in charge of . If a company carries on an activity that falls outside the permissible activities, it would be in default and will be liable to a fine by the BOG. The Fintech & Innovation Office at Bank of Ghana ('BoG') develops policies impacting payment system providers and oversees licensing. Other buildings - from US$ 32,000 per annum. For instance, securing a Fintech license that has allowed it to process over 4B$ processed in 3 years. If a company carries on an activity that falls outside the permissible activities, it would be in default and will be liable to a fine by the BOG. A company that intends to operate as a Dedicated Electronic Money Issuer (DEMI), Payment Service Provider (PSP) or a Payment and Financial Technology Service Provider (PFTSP) in Ghana must be licensed by the Bank of Ghana. Our mission is to bring together the Fintech community to stimulate innovation and promote financial inclusion. In Ghana, the Fintech ecosystem has been growing in recent years. This license is limited in scope and specialized on FinTechs. The Fintech and Innovation Office. For fintech licenses, DIFC has attractive packages starting from US$ 15,000 per annum. The company registration documents should include the profile of shareholders indicating their . Firmus Advisory To print this article, all you need is to be registered or login on Mondaq.com. Among the reasons for this growth is the high internet penetration since almost all Ghanaian adults own a mobile phone, have basic numeracy and have the necessary ID to register for a formal account and most of them are also aware of mobile money services.. The second on cryptocurrencies and the third and final part will be on fintech lending/transactions and financial industry regulations, particularly in Ghana. The best apps right now are the ones that are either helping its users make money, or invest their money to give good returns. The Director of Fintech and Innovation at Bank of Ghana, Mr. Kwame Oppong stated this while speaking at a two-day Africa Money and Decentralised Finance (DeFi) Summit - West Africa edition held in Accra. Fintech license Payment provider license We can develop software for Fintech companies. FinTech companies in Ghana Cube Robotic Limited BezoMoney Technologies Limited iPay Solutions Zeepay Ghana Limited ExpressPay Oz Kwidex Nvoicia Hubtel BitSika PennySmart Inclusive Financial Technologies FL Brokers - A marca da excelncia no mercado imobilirio. October 2, 2022. With a 15% growth per annum, McKinsey & Company estimated the revenue potential of Ghanaian Fintech companies to reach $18.6 billion by 2025 if penetration levels reach those of market leaders . Corporations flourish where there is an adequate regulatory and legal framework, not too restrictive and definitely not too lax so as to allow abuse and exploitation by greedy corporate executives. DIFC Fitted Offices - from US$ 55 per square foot. The Bank of Ghana will revoke the license of any financial technology company that fails to comply with regulatory requirements outlined in the new payment systems and services bill. Kuda Bank. Top Ghana Fintech (Financial Technology) Companies Data sourced from Crunchbase and SemRush. . DJ Vyrusky Mix. The objectives of the Act as stated in section 1 of the Act included: With our financial license, you can offer your services in many other countries like USA. The Act, which would allow for the entry of non-banks and enable direct licensing of FinTechs by the Bank of Ghana, is part of the regulatory institution's broader strategy for creating an enabling environment that would facilitate retail payments and funds transfer mechanisms that are efficient and safe. The Bank of Ghana, the regulatory body for financial institutions is therefore at the heart of the success of the FinTech ecosystem in Ghana. With Kuda Bank, you don't have to deal with the charges from the traditional banks. SERVICES:-Finances & Insurance. Here is an indication of the prevailing rates: DIFC Business Centre - from a two-desk office at US$ 35,000. Fintech Association of South Africa | 4,588 followers on LinkedIn. The procedure for obtaining a switching and processing license includes: Registration of the company with the Corporate Affairs Commission The minimum share capital of a switching and processing company is N2 billion Have you been thinking of launching a business as a Payment Service Provider (PSP) in Ghana? More than . Bank of Ghana Licenses First Fintech In furtherance of efforts to deepen financial inclusion and in accordance with the Payment Systems and Services Act, 2019 (Act 987), the Bank of Ghana has issued its first Dedicated Electronic Money Issuer Licence, to a local Financial Technology (Fintech) company, Zeepay Ghana Limited. The actors include government actors such as telecommunication sector regulators and the central bank; traditional financial institutions; telcos; merchants; FinTech firms; agents . Get in touch for more details. There are five (5) main classifications of PSP or FINTECH licenses in Ghana. It is one of the top 10 best FinTech companies in Nigeria in 2022. 20th January 2022 South African BaaS platform Jumo raises $120m in funding The company will use the cash to expand into more emerging markets. Although relatively new, the office has established a licensing guideline that has facilitated the licensing of some 46 Fintech companies so far and the rollout of the Regulatory and Innovation Sandbox program for the testing of innovative unregulated Fintech innovations of licensed and unlicensed institutions. The engagement, based on the Act,will according to BoG provide appropriate guidelines for the BoG to regulate players in the . In the last three years, since the United Kingdom's regulatory sandbox . The process by which a customer takes out money from mobile money or electronic wallet by liquidating electronic value for cash at agent's point or an outlet of the issuer. CHECK: 2022/2023 Admission And Recruitment In Ghana Below are the Fintech Companies In Ghana Mazzuma Bloom Impact PaySwitch BlueSPACE Africa IT Consortium Clydestone 1. Electronic Money Issuer. Token develop is the most experienced financial licensing providing company. Double Bed Mattress Prices In Ghana. Earlier this year, the company also recruited Patrick Quantson, a seasoned banker who's led digital operations at some of Ghana's largest banks. Zeepay is a leading mobile financial services company, which was issued the first Electronic Money Issuer License in 2019 by the Bank of Ghana under the current Payment Systems regulatory regime. Ghana is one of the fast-paced growing digital payments markets in Africa. An application for a license or authorisation may be either accepted or rejected within 90 days after submission of all necessary documentation to the Bank of Ghana. Before applying for a licence, the FinTech company must be a company incorporated under the laws of Ghana and must provide an overview of the company and attach the registration documents from the Registrar General's Department. The cash equivalent of outstanding . Even though the covid-19 pandemic also helps in the increase in the adoption of digital payments across Africa. which obtained a banking licence in 2019 and has gained significant traction in the market with more than 400,000 customers, and the Danish open banking provider, Aiia, which was acquired by Mastercard . Fintech Law, Policy And Regulations I: The Evolution Of Fintech, Regulatory and Investment Trends. The project was delivered by a local integrator and Temenos' regional partner, Global Solutions. By Shepherd Yaw Morttey On Jun 9, 2018. The other two are Heritage Bank and Union Savings and Loans. Ghanaian Fintechs welcome Bank of Ghana Deadline Extension on Licensing Requirements March 12, 2020 2 Min Read BANK-OF-GHANA-LOGO-1 PLAYERS in Ghana's financial technology (FINTECH) space have welcomed Bank of Ghana's extension of the deadline to meet licensing requirements, describing it as "timely." | FINASA - FINTECH ASSOCIATION SOUTH AFRICA IS REGISTED IN TERMS OF NON-PROFIT ORGANISATIONS ACT, 1997 (ACT 71 OF 1997) 283-814 The association's aim is to create a conducive environment to stimulate innovation in . Reasons for choosing Ghana. Ghana-based banking start-up, Sovereign Bank, has implemented Temenos' T24 core banking system. Switching and processing fintech companies provide the processing of financial transactions. . 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