Bank of Ghana has issued Ghanaian FinTech firm Eganow with an Enhanced Payment Service Provider license.
The license allows Eganow to undertake the aggregation of merchant services, and processing services, print personalized EMV cards, facilitate international remittance services, and deploy POS solutions, among other things.
It also enables the company to collaborate with financial institutions and holders of lower licenses, such as the PSP Medium and PSP Standard licenses, to carry out their permissible activities in the country.
Commenting on the importance of the license to the business, Chief Executive Officer, Louis Amenyo Adanuty said, “Eganow is now well-positioned to meet the demands of the expanding working adult population who are excluded from basic financial services.”
Despite growing mobile penetration, more than 300 million working adults in Africa lack access to financial services such as bank accounts, insurance, credit, mortgages, and investments, because traditional banks have frequently ignored this rising young population segment due to their financial status.
“But this is about to change,” said Adanuty.“Through our soon-to-be-launched Eganow app, we will revolutionize the financial services sector in Ghana and globally. We are poised to connect the unbanked and the growing young population with our technology and bring financial inclusion to millions.”
The company is set to launch the Eganow app later this year.
Over the past 15 years, technology solutions offered by Eganow’s parent company, Teksol, have been extensively used in the financial services sector in Ghana and in other African countries. Currently, more than 100 financial institutions in Ghana and other countries are powered by Teksol’s solutions.
Eganow is ISO 27001:2013 certified by TNV, the world’s leading Security Management System Certification Company. This means it’s digital finance platform and solutions have been globally recognized as one of the most secured and credible.
