DreamOval obtains PSP licence from BoG


DreamOval Limited, an African fintech company, recently obtained its enhanced Payment Services Provider (PSP) licence from the central bank of Ghana. The Payment Services Act 2019 requires all fintechs to be licenced by the Bank of Ghana before they can operate in the country.

The Enhanced Payment Services Provider Licence allows DreamOval to aggregate merchant services, process financial services; print and personalise EMV Cards; process inward International remittances; acquire merchants; deploy POS systems and aggregate Payments.

DreamOval prides itself on the increased security it provides to customers, clients and partners, as well as its strong internal processes which meet international standards. The licence moves the technology company to the forefront of leading fintechs in Ghana and Africa.

CEO of DreamOval Claud Kweku Hutchful said: “Being licenced by the Bank of Ghana means a lot to the growth of our industry, and opens doors to increased security and confidence in digital payments systems. We are very proud that our team has attained one of the highest levels of recognition.

“We believe that Ghana is fast becoming a hub for fintech in Africa, and we are glad to play a major role in the export of financial technology to other parts of Africa and the world. Financial regulation as we know it is proof of confidence from both regulators and clients.”

Who is DreamOval?

Dreamoval is a leading Ghanaian fintech firm established in 2007 that harnesses the power of technology in processing payments. The company’s aim is to become the largest financial processor of payments in Africa. DreamOval developed an aggregation service that operates several payment wallets in multiple countries, and a platform that powers banking software and technology for major banks.

The company currently operates in Cote d’Ivoire and Zimbabwe, and processes multiple currencies with an annual average of US$1billion worth of transactions. DreamOval also enables remittance termination to Africa, and allows banks to receive remittances directly to bank accounts and customer’s mobile money wallets.

The company’s ultimate vision is to be a catalyst for development in Africa and other emerging markets by harnessing the power of technology in raising Africa’s middle-class through financial empowerment.

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