The Payment Systems and Services Act, 2019 (Act 987) which allows for the entry of non-banks - as well as enabling direct licencing of FinTechs by the Bank of Ghana - is a good first step but not enough. Bunq is a technology company with a banking license that gives its users control over their money. For further enhancement of their contribution to financial inclusion, fintechs should invest a bit more into driving financial literacy by deploying financial education . iPay solutions. The closure follows the failure of the operators to issue receipts and the breaching of Foreign Exchange laws in the country. The electronic payments transactions that go through the Ghana Interbank Payment and Settlement Systems Limited has increased by 42%. Below are the Fintech Companies In Ghana Mazzuma Bloom Impact PaySwitch BlueSPACE Africa IT Consortium Clydestone Ghana Interbank Payment and Settlement Systems (GhiPSS) DigiTeller PaySail Damansah Logiciel Ghana Inclusive Financial Technologies PennySmart BitSika Hubtel Nvoicia Kwidex Oz ExpressPay Zeepay Ghana Limited iPay Solutions Ghana's ZeePay is setting up as an all-in-one financial services hub; the Interswitch or MFS Africa of Ghana if you like. 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 Accra, Ghana, July 20, 2019//-The current growth in financial technology (fintech) and its promise to democratize financial services in Ghana is heavily depended on the country's mobile money (MoMo) payments sector. The remaining 50%, the BoG, however said, should be deposited in a designated account at the Central Bank. 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. Africa currently hosts around 500 fintech firms, most of them in South Africa, Nigeria, and Kenya. The company that was launched in 2016 has become one of the fastest-growing fintechs in Africa and one of the most funded startups of 2020. 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. 5 minute read. Company profile 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. Kuda Bank. Source: www.ghanaweb.com 2019-04-01 FinTechs look to regulator to make Digital Pensions Market more attractive Growing the nascent FinTech industry as a distinct part of the financial services sector requires a supportive ecosystem and environment. Kiba is the fastest way for Fintechs to connect to banks across Africa and quickly build smart, personalized financial services. Easing short term, urgent cash flow needs. Bank of Ghana. Stakeholders and the general public are advised to contact the FinTech and Innovation Office for further information, and to direct all enquiries to: The Head FinTech and Innovation Office. The company was founded in 2003 and currently has operations in South Africa, Ghana, Zimbabwe, Kenya, Cote d'voire and The United Kingdom. Fintechs are challenging this entire business model and the relevance of financial intermediaries in the digital age we live in. ExpressPay. Kwidex. Fintech offerings are subject to extensive product-level regulation by the federal government and individual states. There we have it: the top 12 startups to pay attention to in 2021. Nvoicia Hubtel Chipper cash is the largest mobile cross-border money transfer platform in Africa. Since then, new laws have been rolled out to support the adoption of digital financial services. Download Apply It recently closed a huge deal this year of $170 million . Ghana introduced its first-ever fintech-related legislation, the Electronic Transactions Act, back in 2008. The disruptions that have come with FinTechs are now straining the regulatory framework which has justified the need for regulation to ensure systemic stability, consumer protections and investor protections. August 2, 2021. FinTechs in this segment provide digital lending platforms such as web apps and mobile apps. Even fintechs offering relatively simple products or services will likely have to secure licenses from multiple federal and state regulators, and comply with the requirements set out by those bodies. Are there any notable fintech innovation trends of the past year . The stated purpose is to give more choices to consumers and recognize the value of FinTech businesses in banking. 0. Additionally, fintechs in Ghana and any part of the world drive the use of technology in . Kwami Ahiabenu, II (Ph.D.) Ghana's Financial Technology (FinTech) is growing by leaps and bounds. Top FinTechs In Ghana. Wealthtech. According to the 2020 Global FinTech Index City Rankings Report, Ghana ranks 4 th in Africa and 58 th in the world, making it one of the countries with the fastest growing FinTech ecosystems in the world. Fintech density in Chile. Fido Money Lending Limited (FIDO) is a financial institution based in Accra, Ghana and licensed by Bank of Ghana. 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." Chief Executive officer (CEO) of the Ghana Chamber of Technology, Mr Derrydean Dadzie, told Business Finder the extension will give some respite to players in the . Listed in no particular order, here's a list of FinTech companies in Ghana, driving Ghana's cashless economy drift with innovative ideas. Most other fintechs offer payment apps that perform similar services as the GhanaPay platform. Behind South Africa is Nigeria, Africa . (DVLA) will start paperless registration and licensing of vehicles in Ghana by July 2022. Ten years ago, it was rare to see a Nigerian startup raising $10 million. Ghana needs to take bold, difficult and firm decisions in order to face the economic headwinds battering the world,. With the launch of the Ghana Pay app, it would seem like the BOG and GhIPSS will be competing with most of these payment apps for the same customers. While the licence fees cost between 50,000 and 2 million . The two forex bureaux are under . Today, there are some 17.5 million active mobile money accounts in Ghana with GH571.8 billion (USD 99.67 billion) in mobile money transactions in 2020 alone, representing 84% growth from the . . In 2016 surged exponentially to GH31.4billion ($3.94 billion) in 2021. . Be sure to check often for extended reviews on each of these and more. Each PSP license allows a company to carry out specified permissible activities. Fintechs have also begun to acquire microfinance banking licences to deliver their products. For clarification, the new license requirements are given for companies listed with Corporate Affairs Commission . Entities engaged in the provision of investment services must register with the SEC as capital market operators. Based out of Nairobi, Nairobi Area, Kenya. Despite being competitors, these tech ventures saw the need to collaborate . The Financial technology ("Fintech") landscape in Nigeria continued to gain traction in 2021 not only in terms of significant investments and service offerings but also in the increased regulatory attention given to the regulation of Fintech companies in Nigeria. . Regulations have, in many cases, been adapted to cater to fintechs. There are five (5) main classifications of PSP or FINTECH licenses in Ghana. Contact: 234-01-7101060 or 234-01-46289469. The Fintech Association of Nigeria recently launched The Startup MarketPlace which is geared towards strengthening and . 1 Thorpe Road Accra, Ghana Tel: +233 30 273 9650. Eric Osiakwan. March 17, 2022. Most fintechs have to pay for their licenses to the BOG. They include Qwikloan, Zeepay, G-money, Slydepay, and eTranzact. Then there are the agents - small enterprises, acting as "shadow bank . Published on March 25, 2021. Twitter | Facebook | Linkedin Learn more about their finances on Crunchbase Shield. That will be used to make your financial process so easy. CHECK: 2022/2023 Admission And Recruitment In Ghana Below is the List Of Fintechs In Ghana Cube Robotic Limited. Verdant Capital's managing director Edmund Higenbottam talks to us about the rise of Africa's tech sector and why fintechs are so attractive to investors. It is an easy way to request, split the bill and pay friends in real time. Licensing Requirements 1. 2. The FinTech ecosystem in Ghana can be characterized as experiencing rapid transition from the "introduction to growth stage". They provide the services of utility bills, school fees, hotel reservations and premium insurance. Three leading Ghanaian fintechs; Hubtel, ExpressPay and IT Consortium joined forces to build Ghana government's portal https://www.ghana.gov.gh - a digital services and payment platform for Small Medium Enterprises (SMEs), Startups and citizens to access government services at the click of a . 3: The number of fintech unicorns from Nigeria. . This was disclosed at a press engagement organised by the National Switch provider in Accra last Friday. Licensing and operation. 10. The evolution of FinTechs in Uganda can be greatly associated with the emergence of mobile money which saw the Bank of Uganda issue the . However, when a company holds a higher . 18 Fintech entities also are subject to licensing and chartering regimes at both the federal and state . The market's largest segment will be Digital Payments with a total transaction value of US$2.90bn in 2022. Top Startups in Ghana. However, it is a bit different from what many startups would prefer. Address: 4 th and 5 th Floor Fortune Towers, 27/29 Adeyemo Alakija Street, Victoria Island, Lagos, Nigeria. Segmentation of fintechs in South Africa (2019 count), Fintech Scoping in South Africa, Nov 2019. With the proliferation of fintechs in Ghana's financial system and the impact of cyber fraud on the rise, the central bank introduced fintech licenses . List of SMEs in Kenya: Top 100 companies to watch in 2021. Currently, there are seventy-one fintechs providing solutions to businesses and individuals. Fintech with the highest fundraising amount. Central Bank Of Eygpt Grants Lucky . Fintech Startups in Ghana Express Pay Express Pay is a payment gateway provider. FIDO provides fast and easy short-term loans, called FIDO Loans. in USA gave regulators the opportunity to agree in seven states to recognise each other's findings when assessing license applications . Out of this, only approximately 1% of the 10,755 fintechs are unicorns valued at $1 billion or more. Licensing of a FinTech company depends on the category of the company. In tandem, both the value of mobile money transactions and . The Bank of Ghana further reiterated its commitment to provide an enabling environment for Fintechs, industry players and other stakeholders, to operate in the payment services space in Ghana. For more on the logic behind these Federal FinTech bank licenses, see the US Department of Treasury report. There are five (5) main classifications of PSP or FINTECH licenses in Ghana. Numbers grew to 32.7 million in February 2020due to COVID-19and hit 32.7 million in February 2021. The opportunities for them are vast as around two-thirds of . The Bank is aware of the possibilities that Fintech offers for improving the efficiency and security of financial transactions, as well as, financial inclusion. BezoMoney Technologies Limited. It is one of the top 10 best FinTech companies in Nigeria in 2022. The PSP framework is one major attempt by the CBN to streamline the licencing regime for fintechs in Nigeria. Regulations have developed alongside the industry and did not initially fit the new breed of fintechs. International remittances to mobile money have increased 60% in the past six months. Value of alternative . The Bank of Ghana has revoked the license of the Airport City Forex Bureau within the Atlantic Tower building and Trade House Forex Bureau Ltd, a popular forex bureau at the Marina Mall. Ghana's Fido raises $30m Series A to broaden financial inclusion in Africa. This mobile payments sector which began in Ghana by Scancom Plc, operators of MTN Ghana in 2009, now boasts of over 32.6 million users, with competitors such as Vodafone Cash, and We licensed many startups and Fintech companies within a short duration. 22nd June 2022 Consequently, there is a significant need for regulation of fintechs in South Africa's open banking sector, which remains unregulated. . According to the central bank, the new FinTech and Innovation Office will be responsible for licensing and oversight of dedicated electronic money issuers (mobile money operators), payment service providers (PSPs), closed loop payment products, payment support solutions and other emerging forms of payment delivered by non-bank entities. FinTech By Shepherd Yaw Morttey On Jun 9, 2018 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. Accra, Ghana, August 13, 2020//-Ghana's enthusiastic efforts to become the hub for digital financial services (DFS) have been boosted by the meteoric penetration of smartphones, robust IT infrastructure, sound policies and growing middle-class. This Federal FinTech bank license gives top firms a path into . 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. Now the country's fintech unicorns are becoming just as valuable as its banks. 179. China trails behind the USA with 13 fintech unicorns, that just a tenth of what the United States prides itself in harboring. License fees can go up to figures of almost 20 Million GHC for the highest license level. According to the information from the GhIPSS . 4. 4 fintechs per million population. PaySwitch. 2. With our financial license, you can offer your services in many other countries like USA. The average transaction value per user in the Alternative Financing . CarePay is one of the few Fintech Kenya companies that use technology to offer financial assistance to individuals that want to access healthcare services. The restriction from the Police was due to its . Nigeria now has the most unicorns of . Attached is the statement from the Bank of Ghana. We can develop software for Fintech companies. 1.1 Please describe the types of fintech businesses that are active in your jurisdiction and the state of the development of the market, including in response to the COVID-19 pandemic and ESG (Environmental, Social and Governance) objectives. Many are asking what happens to Fintech now. The Bank of Ghana opined that, the new FinTech and Innovation Office will be responsible for licensing and oversight of dedicated electronic money issuers (mobile money operators), payment service providers (PSPs), closed loop payment products, payment support solutions and other emerging forms of payment delivered by non-bank entities. . This has changed, and fintechs in most countries are now regulated by main national financial regulators. Each PSP license allows a company to carry out specified permissible activities. 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. WhatsApp line: 08188639818 ComparaOnline. 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