One of the leading fintech firms in Ghana, Eganow, has been issued a license by the Central Bank to operate as an Enhanced Payment Service Provider.
The acquisition of the license means the company can now undertake the aggregation of merchant services, and processing services, print personalized EMV cards, facilitate international remittance services, and deploy POS solutions, among others.
This also enables Eganow to collaborate with financial institutions and holders of lower licenses, such as the PSP Medium and PSP Standard licenses, to carry out their permissible activities in the country.
Commenting on the importance of the license to the business, Chief Executive Officer, Louis Amenyo Adanuty said, “Eganow is now well-positioned to meet the demands of the expanding working adult population who are excluded from basic financial services.”
Despite growing mobile penetration, more than 300 million working adults in Africa lack access to financial services such as bank accounts, insurance, credit, mortgages, and investments, because traditional banks have frequently ignored this rising young population segment due to their financial status.
“But this is about to change,” said Adanuty.
“Through our soon-to-be-launched Eganow app, we will revolutionize the financial services sector not only in Ghana but also globally. We are poised to connect the unbanked and the growing young population with our technology and bring financial inclusion to millions.”
The company is set to launch the Eganow app later this year.
Over the past 15 years, technology solutions offered by Eganow’s parent company, Teksol, have been extensively used in the financial services sector in Ghana and some other African countries. Currently, more than 100 financial institutions in Ghana and other countries are powered by Teksol’s products