From thesis to trusted: Ghana’s most ambitious fintech


In 2006, five 22-year-olds huddled around their computers in a quest to tackle their most pressing academic challenge to date: figuring out a topic for their thesis.

They were the second batch of Computer Science students from Ashesi, and their predecessors had already set quite a high standard.

The five students each ended up examining what the next frontier of payments would look like for Africa. Their thesis examined various aspects of what the future of a digitally-enabled Africa could look like.

From payments to machine learning and AI, they touched on what the next frontier of a digitally-enabled Africa would look like.

Unsurprisingly, together, they would go on to build a software product named i-Wallet – a digitally-enabled wallet that allowed peer-to-peer payments.

They envisioned it to be how Africans would one day use digital money to pay for most things through a mobile wallet that was stored on a phone. This would also require that the providers of these goods and services would need the ability to accept and settle money digitally.

Considering this was before the iPhone, WhatsApp, or mobile money, it was a visionary thinking for what the possibilities of Africa’s digital financial ecosystem could look like.

A year later, that vision – fueled by a strong determination to be part of shaping Africa’s technology landscape and the challenge of competing with the more established players at the time – evolved into a software start-up named DreamOval.

Today, its robust software platforms have become the driving force that powers many businesses, earning it the most ambitious Software company award earlier this year – an aptly named accolade in light of the ambitious moves the company is known for making. For instance, securing a Fintech license that has allowed it to process over US$4bn processed in 3 years.

Earlier this year, the company also recruited Patrick Quantson, a seasoned banker who’s led digital operations at some of Ghana’s largest banks. Patrick now holds the position of Chief Transformation Officer at DreamOval in charge of driving its expansion plan.

That plan includes an aggressive extension of the company’s services across the continent, with 5 countries already in play – including Zimbabwe and Lesotho. It has also opened up Francophone operations in Côte d’Ivoire and Guinea, and is looking into the Southern African region next.

The company is already integrated into 16 of Ghana’s 23 banks and counts Meridian ports, Jumia, and TotalEnergies as clients. That unique positioning makes it a knowledgeable and trusted partner as it expands outside Ghana.

The company is rumoured to be introducing a new application in the following months, based on its robust technology platform although details are still being kept very quiet.

“It’s going to revolutionise a lot of the thinking around intuitive money management,” said Charles Kollo, SVP of Marketing. “Based on our previous work, which many people know us for, let’s call what is coming to the highlight of our journey thus far.”

From envisioning a technology-powered Africa to helping build that reality, DreamOval’s journey reflects what determined minds can do when passionate about Africa and its future. It’s an inspiring story of student entrepreneurship, and how taking risks and leaps can pay off.

The journey continues.

To find out more about DreamOval, please visit or find them on social media.

The writer is a Business Intelligence Analyst

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