The Payment Systems and Services law, which was passed by Parliament last year, will allow innovation to thrive in the growing financial technology (fintech) space, Andrew Takyi-Appiah, an industry player, has said.
“The law will allow innovation to thrive in the market; and it is a testament of Nana Akufo-Addo’s belief in the youth and the fintech ecosystem, and so it is a good thing,” Mr. Takyi-Appiah, who is CEO of Zeepay – a fintech company, said at a press briefing to launch a promotion marking the company’s fifth anniversary.
He added that apart from allowing innovation to thrive, the law will also help industry players articulate the entire eco-system’s direction and know who the players, regulators, competitors are.
“Now that it has been passed, it will create a level playing field and everyone will know which supervisory element or level it belongs to. In a free market economy, you must allow the markets to play together; and the markets must be allowed to play from an opportunistic perspective, rather than monopolistic perspective because from an opportunistic perspective, players will be building upon opportunities found,” he added.
Introduced by the central bank last year, the Payments Systems and Services Act seeks to further strengthen the country’s payment system. Its passage into law is expected to further improve the regulatory environment and provide additional support for emerging digital financial services while minimising related threats associated with financial inclusiveness.
Dr. Ernest Addison, Governor of the Bank of Ghana (BoG), explained that the new law will among others make provision for emerging payment streams: such as electronic money, prepaid cards, credit cards, electronic platforms and payment instruments.
It will also provide for non-banks to establish, own and manage electronic money business in the form of a separate entity to be supervised by the Bank of Ghana, as well as promote the availability and acceptance of electronic money and other forms of payment services as retail payment media.
Furthermore, he said, it will promote innovation in the design of new secure electronic money products and payment services and increase competition in the electronic money business, and finally open-up the electronic money space to engender financial inclusion to help reduce poverty.
Zeepay at Five
To mark its fifth anniversary, Zeepay has launched a new promo dubbed #TUGUMESO. All recipients of international money transfer from the diaspora will get free airtime on every transfer received directly into a mobile money wallet in minutes.
The promo is designed to impact over 20 million mobile money customers who receive remittances directly into their mobile wallet from Italy, United States of America and United Kingdom. The offer is open to all Small World Choice USA, Small World Europe and Moneytrans clients. Remittances can be cashed out at over 380,000 agent locations across the country.
Dede Quarshie, Category Business Manager Zeepay noted: “As part of our 5th anniversary, we deem it fit to reward all our diligent customers through this free airtime promotion. We anticipate touching the lives of over 500,000 customers from the USA, Italy and UK, through this promotion”.
Mr. Taky-Appiah also noted that it has been a tough five years. “We have been in constant dialogue with regulators across Africa explaining to them why this system is safe and convenient, and we have raised some money and got some good shareholders on board. We have gone through three IT audits by KPMG, and that shows the level of governance we are going through,” he said.
He added that Zeepay currently has an office in the UK and is working with the Financial Conduct Authority (FCA).