Source: Timi Odueso/Techcabal
Cross Switch Ghana LTD has obtained approval from the Bank of Ghana to operate as an Enhanced Payment Service Provider (EPSP).
What does the fintech need an EPSP for?
Ghana’s demand for payment technology isn’t slowing down and Cross Switch Ghana hopes to use this licence to help the country’s fintech space match its pace.
With its shiny new licence, the fintech will digitise merchant payments, collections and disbursements for e-commerce, and remittances. It also hopes to foster financial inclusion, for which Ghana’s National Payment Systems Strategic Plan (2019–2024) created an enabling regulatory environment.
Over-achiever much?
Cross Switch Ghana is part of a big family—Cross Switch International S.A.R.L. The pan-African company told ITnewsafrica that they’re over the moon about their new licence, but let’s be honest, it’s just another shiny addition to their already impressive cap of accomplishments.
The company has acquired and established a number of technology and payments businesses in Benin, Egypt, Ghana, Kenya, Morocco, Nigeria, and South Africa. It also recently announced its acquisition of a 50% stake in Vantage Payment Systems, a leading Moroccan fintech that provides online payment solutions.
So, Cross Switch is not just switching things up in Ghana but all across the continent.
Source: Timi Odueso/Techcabal
