The BoG is also creating a regulatory sandbox, which will include crypto start-ups, aimed at regulating the activities of fintech companies offering such services, particularly in the wake of cyber security . For instance, securing a Fintech license that has allowed it to process over 4B$ processed in 3 years. FinTech Egypt is where startups, investors, mentors and financial corporations come together to connect, innovate and create success stories in the FinTech ecosystem in Egypt, with the goal of promoting financial inclusion and making banking services available for all Egyptians. The table below lists the licenses most frequently required to operate a fintech, the primary activities permitted by the license, and links to BoG approved license holders. 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.. 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 . Listed in no particular order, here's a list of FinTech companies in Ghana, driving Ghana's cashless economy drift with innovative ideas. That will be used to make your financial process so easy. The cash equivalent of outstanding . ADDRESS:-. In Ghana, SMEs usually apply to micro-finance institutions, mainly . 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). Zeepay Ghana Limited is a Fintech Ghanaian owned startup focused on providing integrated mobile payments services with mobile wallets targeting the unbanked and banked population with the objective of bringing the unbanked into the financial stream and easing payments and collections for the banked population. 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. 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. The FinTech ecosystem in Ghana is complex and dynamic (Disrupt Africa, 2019) with interdependencies between actors that are more dynamic than outside of Africa. Have you been thinking of launching a business as a Payment Service Provider (PSP) in Ghana? The EMI license has been granted to Zeepay subject to the fintech business meeting the Bank of Ghana's requirement of a deposit of at least GHS 20 million, approximately USD 3.5 million in the company. Fintech is a portmanteau of the terms "finance" and "technology" and refers to any business that uses technology to enhance or automate financial services and processes. 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. . 10. 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. In response to the rise of Fintech in Ghana, the government of Ghana passed the first-ever Fintech related legislation, the Electronic Transactions Act 2008, (Act 772), in 2008. It is one of the top 10 best FinTech companies in Nigeria in 2022. Kuda Bank eliminates the typical paper process as everything is carried out online. A lot of business now is able to operate online to meet the 21st-century business-standard. 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. Get in touch for more details. The Bank of Ghana, the regulatory body for financial institutions is therefore at the heart of the success of the FinTech ecosystem in Ghana. 2 . 20th January 2022 South African BaaS platform Jumo raises $120m in funding The company will use the cash to expand into more emerging markets. How to Start a Fintech Company: 5 Things Every Startup Owner Should Know. Identify your niche. It is an app that makes it easy for businesses to track sales, expenses, and customer information. Earlier this year, the company also recruited Patrick Quantson, a seasoned banker who's led digital operations at some of Ghana's largest banks. Before applying for a licence, the FinTech company must be a company incorporated under the laws of Ghana and must provide an overview of the company and attach the registration documents from the Registrar General's Department. The Fintech license is subject to certain conditions relating to, inter alia, the institution's organization, risk management, compliance, accounting and minimum capital (at . Other buildings - from US$ 32,000 per annum. . Earlier this year, controversially, Ghana's parliament passed a 'fintech tax' which placed a 1.5 per cent tax on digital financial services, known as e-levy. This Federal FinTech bank license gives top firms a path into . In addition to the conventional banking license, the partially revised Banking Act created a new . October 2, 2022. The objectives of the Act as stated in section 1 of the Act included: 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. For instance, securing a Fintech license that has allowed it to process over US$4bn processed in 3 years. Here is an indication of the prevailing rates: DIFC Business Centre - from a two-desk office at US$ 35,000. Electronic Money Issuer. Over the past years, individuals and businesses have relied on the banking sector so far as Cashflow is concerned and transactions but this time, we cannot overlook . 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 Fintech company Zeepay Ghana has commissioned a state-of-the-art Fintech Campus in Accra, Ghana. Our mission is to bring together the Fintech community to stimulate innovation and promote financial inclusion. Fintech license Payment provider license We can develop software for Fintech companies. Governance 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. Finances & Insurance / Money Service Business. 2. . ABOUT US The Ghana Fintech and Payments Association is the foremost fintech hub and not-for-profit organization established to promote the advancement of financial technologies and payment systems in Ghana. The path to FinTech growth in Ghana . Ghana-based banking start-up, Sovereign Bank, has implemented Temenos' T24 core banking system. Token develop is the most experienced financial licensing providing company. Ghana is one of the fast-paced growing digital payments markets in Africa. For fintech licenses, DIFC has attractive packages starting from US$ 15,000 per annum. Kuda Bank is also famous in the FinTech industry. DVLA Ghana license check. 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. Fintech Law, Policy And Regulations I: The Evolution Of Fintech, Regulatory and Investment Trends. The Association is well-positioned to serve financial technology professionals, companies and start-ups, as well as other entities. Alex Adjei Bram is the CEO of Hubtel, Ghana's first business-grade, fully integrated, all-platform payment acceptance solution. Switching and processing fintech companies provide the processing of financial transactions. 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. Download Apply DIFC Fitted Offices - from US$ 55 per square foot. Each PSP license allows a company to carry out specified permissible activities. Though there are challenges, the positive influence it has contributed to businesses and Ghana's economy is massive. Dr Mahamadu Bawumia, Vice President of the Republic of Ghana, noted that "to position Africa as a fintech innovation hub requires collaboration from all ecosystem players - banks, fintech, telecom companies, governments, regulators and consumers". GA-557-9869 Tantra Hill Sowutuom District Accra . Firmus Advisory To print this article, all you need is to be registered or login on Mondaq.com. 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. INTRODUCTION Recently, the World Bank Group and McKinsey & Company have released two leading reports on "the Future of Finance" highlighting the current state, opportunities, risks, and/or challenges of the Financial Technology (Fintech) revolution, disruption, or eruption happening across the world and Africa. 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 Fintech and Innovation Office. For instance, securing a Fintech license that has allowed it to process over 4B$ processed in 3 years. October 2022. We enable Visa/Mastercard transactions as well as mobile money transactions. The license or authorisation according to the Act should have been applied for latest by February 2020; however, this deadline has been since extended to December 2020. Kuda Bank. With our financial license, you can offer your services in many other countries like USA. Each PSP license allows a company to carry out specified permissible activities. Governance Sovereign Bank was among the three entities granted banking licences last year. African fintech start-ups Float and Asaak gain funding Ghana-based Float and Uganda-based Asaak raise $17 million and $30 million, respectively. 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. 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 actors include government actors such as telecommunication sector regulators and the central bank; traditional financial institutions; telcos; merchants; FinTech firms; agents . The Fintech & Innovation Office at Bank of Ghana ('BoG') develops policies impacting payment system providers and oversees licensing. Under his leadership, Hubtel, the then SMSGH, a young Ghanaian IT company, was named among the 2012 edition of Forbes Africa Magazine's Top 20 Technology Start-Up Companies in Africa. By the mid-1990s, it was estimated between 2 and 4 million Ghanaians (between 10-20% of Ghana's population) were living outside of the country. Businesses operating online now are able to receive payments and make . Governance. Here are the 5 most important things to consider before creating new Fintech startups. The best apps right now are the ones that are either helping its users make money, or invest their money to give good returns. Out specified permissible activities we enable Visa/Mastercard transactions as well as that will be on lending/transactions! Fintech businesses in banking has contributed to businesses and Ghana & # x27 ; regulatory. 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