Fintech Startup Pay Up Is Amplifying Financial Inclusion Between Ghana And The Rest Of The World

Ghanaian fintech startup Pay Up is amplifying financial inclusion between Ghana and the rest of the world.

Pay Up is an escrow-service platform that allows Ghanaian users to send money to other people in the UK, USA, Canada, and European countries that use the euro and are able to access PayPal.

The founder, Papa Kwadwo Darfoor, states that they are currently based in Ghana and UK. He explains that users can send any amount in cedis, and the recipient will receive the equivalence of it in any currency, depending on the location.

During the Ashesi Business Exhibition 2021, Pay Up elaborated that they opted for the escrow service to combat fraud and money laundering. To aid their mission, Pay Up will be partnering with financial services like banks in Ghana. The banks will monitor the accounts and ensure that there is no emergence of fraudulent activities.

According to Darfoor, they want to bridge the gap between Ghanaians and financial accessibility.

“During our research, we found out that a lot of Ghanaians are underbanked and have limited access to financial services. We want to bridge that gap and ensure that the fintech space is robust. We are also considering to migrate to other markets depending on the feedback,” Darfoor said.

The startup again mentioned that its services would include cryptocurrency and stocks as they progress.

To send money to a loved one outside Ghana:

1. One has to register on the platform and sign in with a username
2. Enter the beneficiary’s name and the correct PayPal email account
3. Choose the amount and mode of payment
4. After that, you will receive a popup notification of a successful transaction.

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