Fast Pace Transfer Limited (Fast Pace), an international money remittance company, has been officially introduced onto the Ghanaian market.
The fintech company uses innovation to provide bespoke remittance and payment services at a lower transaction fee: “Our services are not just person to person (P2P), Fast Pace is in the market to offer person to business (P2B) and business to business (B2B) payment services,” it said in a statement.
The financial technology ecosystem has been booming in recent years. According to GlobeNewswire, the global fintech market is anticipated to grow at a compound annual growth of around 20 percent over the next four years – with the market value expected to reach around US$305billion by 2025.
Fast Pace is licenced in the United Kingdom and Canada, and now Ghana after being issued a Payment Systems Provider (enhanced licence) by the Bank of Ghana. It is regulated in the United Kingdom by the Financial Conduct Authority (FCA) and in Canada by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
The PSP licence issued by the Bank of Ghana enables Fast Pace to offer financial technology solutions in areas such as remittances, insurance premium payment support, contributions to investment and pensions portfolios.
The licence also enables the company to pursue services in merchant aggregation, issuance of personalised EMV cards, as well as deployment of point-of-sale solutions. In addition to this, it offers international remittance services using its own custom-built technology platform and has a distribution footprint in all the 16 regions and all district capitals in Ghana through its partner bank, Zenith Bank, and rural and community bank network.
Fast Pace also has payout and transaction service points through an extensive network of distribution partners. Other companies can also plug-in through Fast Pace’s systems to provide these services under its direct supervision. The custom-built platform and mobile applications are directly integrated with the National Switch and other financial institutions, enabling transfers in minutes.
The platform from Fast Pace is expected to enable Ghanaians and people in the Diaspora to meet their financial obligations in their home countries by sending money from the UK and Canada to Ghana and other countries in the region. It also makes it possible to receive remittances in Gambia and Nigeria through its partners. Funds are either received directly onto a mobile money wallet, a bank account or as a cash pickup at partner locations.
The company intends to launch its services in the European Union in the 3rd quarter of 2021.
“These initiatives are aiding the Ghana Fintech advancement process as government strives forward for securitised functioning of the Fintech segment. These initiatives have propelled the country on a path toward achieving its ultimate financial objective: holistic financial inclusion.
“As consumers increasingly turn to digital forms of managing their finances, it seems the road is heading for full-fledged financial inclusion that will enable long-term economic and infrastructural growth for the nation,” the company concluded.