The Bank of Ghana has granted Global Accelerex Ghana Limited – a payment service provider and platform operator – an enhanced Payment Service Provider (PSP) licence under the Payment Systems and Services Act, 2019 (Act 987).
The licence permits Global Accelerex to offer POS devices and applications agency banking platforms, merchant payment collections, terminal management systems, and terminal aggregator management systems. Through product innovation and impeccable attention to customer needs, the company is gradually emerging as the financial technology company to watch in the Ghanaian market over the coming years.
A subsidiary of the Accelerex Holdings Group, which has footprints in Nigeria and Kenya, Global Accelerex Ghana commenced operations in the country in 2019; and after fulfilling all regulatory requirements, the BoG has awarded it an enhanced PSP licence.
The group recently secured a US$20million investment from Africa Capital Alliance to expand into South Africa, Cote d’Ivoire, and Tanzania.
Prior to approval from the central bank, Global Accelerex Ghana was granted the ISO 27001:2013 and PCI-DSS certifications. This currently makes the company the only fintech within the enhanced PSP category that provides Point-of-Sale terminals, merchant acquiring, and agency banking solutions in Ghana.
Speaking on the achievements, Chief Executive Officer and Managing Director of Global Accelerex Ghana Limited, Sebastian Yalley, noted that: “The delivery of superior payment solutions must be backed by the necessary regulatory compliance to protect consumers”.
He further noted that at Global Accelerex Ghana, standardisation and compliance “remain the bedrock of our operations across all our subsidiaries in Africa: We believe that having this licence is a demonstration of our commitment to the Ghanaian market, and serves as the foundation for rolling out simple, secured, and convenient payment solutions for all customer segments. We intend to use this as a leverage to deepen our existing relationships with our bank clients. In that same spirit of collaboration, we are open to working with other fintech companies to deliver superior value for the Ghanaian market”.
To increase its footprint in the country, the company is planning to – in the second quarter of 2021 – roll out two new products targetted at micro, small, and medium enterprises in the retail and services sector.
They comprise RexRetail and RexPay – products built with entrepreneurs in mind. These products have business management features which give entrepreneurs the power to do more than just accept payments, the company said.
“With these certifications and experience, Global Accelerex Ghana is poised to drive the Fintech market by providing payment solutions to individuals and businesses across different channels and verticals,” the CEO added.