Bank of Ghana issues license to another Financial Technology Entity as enhanced payment service provider

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The Bank of Ghana (BoG) has awarded the first ever payment service provider (Enhanced) license to Nsano Limited a financial technology entity. 

As a regulator, BoG also has oversight over financial technology companies  to promote innovation and growth, without jeopardising the safety, security, and stability, of the financial services sector. 

The Payment Systems and Services Act 2019 (Act 987) provides the legal and regulatory framework for the orderly development of  the country’s payment system and grants BoG the mandate to duly license and supervise financial technology companies operating within the country. 

PSP Licence 

Nsano Limited, currently builds customised 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. It is the first company to have been granted the BoG 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. 

Appreciation 

A director of the company, Mr Kofi Owusu-Nhyira, indicated that it was a privilege for the company to receive the license, particularly in such times when the COVID-19 pandemic had revealed the true essence of digital financial services. 

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 realising its vision of processing 50 per cent 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 digitisation, financial inclusion, and inclusive sustainable economic development.