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BoG Licenses Cellulant To Launch Financial Services In Ghana

Startups

Aug. 9, 2021, 10:48 a.m.

The Central Bank of Ghana has licensed Cellulant as a Payment Service Provider to enable businesses and their customers to accept and make payments seamlessly in Ghana.

The license is a requirement under the Payment Services Act 2019 which mandates that all FinTech or digital payments companies be licensed by the Bank of Ghana before they can operate in the country.

Intending to maintain a sound financial system, promote financial inclusion and innovation, and ensuring the safety, security, and stability of Ghana’s financial sector, the Bank of Ghana redefined the categories and permissible activities for financial technology companies with PSP enhanced licenses.

Through its digital platform Tingg, Cellulant will act as an aggregator; provide merchant services, process financial services, deploy point-of-sale systems, and transact payments on behalf of banks.

Cellulant’s other services will include mobile banking and payments, bulk payments, the provision of third-party payment gateways, and a marketplace for regulated financial service providers. These are in addition to the printing and presentation of EMV cards, inward international remittance services, as well as limited use of closed-loop virtual cards.

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Mr. Eric Kortey, Cellulant Ghana’s Country Manager, expressed his delight at the product’s launch and license acquisition, while also expressing his optimism about the country’s future in payments and the Fintech ecosystem. As he put it, “We believe that Ghana is quickly emerging as a fintech hub in Africa.” Being granted a license by the Bank of Ghana is extremely beneficial to the development of our industry, as it opens the door to greater security and confidence in digital payment systems. Ghanaians will be able to pay for their goods and services through any payment channel of their choosing thanks to Cellulant’s digital payments platform.”

“Cellulant is addressing the fragmentation of payments for both businesses and their customers,” Kortey says in regards to the launch of Tingg. The digital platform, which was recently launched in Zambia as well, provides merchants with simplified payment tools and processes to better manage their payments and cash flow. Because of this, businesses can allow their customers to pay for goods and services using payment options that are appropriate for their location.”

About Cellulant

Cellulant is a leading multinational payments company in Africa on a mission to digitize payments for Africa's largest economies. Today, Cellulant’s payments platform spans 1 in 10 Africans, with 2.5 million doing monthly transactions. Cellulant’s coverage extends to 50% of banks in Africa and 17 million unbanked farmers in Africa. Cellulant debuted operations in Kenya and Nigeria in 2004 and has grown to operate across 11 African countries, including Zambia, Ghana, Zimbabwe, Tanzania, Uganda, Botswana, Mozambique, Malawi, Rwanda, and a combined team of up to 400 people

tag: finance, ghana, Fintech, BoGs,

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Verny Joy Author

Verny loves to write poetry, fiction and quotes. Her love for writing landed her in journalism. She loves gadgets and travelling to explore new places.

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