The central bank has bemoaned what it says is the proliferation of fintechs in Ghana's financial system. Contact: 234-01-7101060 or 234-01-46289469. A fintech company can either be a Digital Bank, A Payment Service Bank (PSB), or a Payment Service Provider (PSP). Kiba is the fastest way for Fintechs to connect to banks across Africa and quickly build smart, personalized financial services. Source: www.ghanaweb.com 2019-04-01 FinTechs look to regulator to make Digital Pensions Market more attractive Token develop is the most experienced financial licensing providing company. Number of fintech startups in Chile. Kwami Ahiabenu, II (Ph.D.) Ghana's Financial Technology (FinTech) is growing by leaps and bounds. The Fintech Landscape. With the launch of the Ghana Pay app, it would seem like the BOG and GhIPSS will be competing with most of these payment apps for the same customers. In 2016 surged exponentially to GH31.4billion ($3.94 billion) in 2021. Download Apply Kwidex. Growing the nascent FinTech industry as a distinct part of the financial services sector requires a supportive ecosystem and environment. The Bank of Ghana has revoked the license of the Airport City Forex Bureau within the Atlantic Tower building and Trade House Forex Bureau Ltd, a popular forex bureau at the Marina Mall. Three leading Ghanaian fintechs; Hubtel, ExpressPay and IT Consortium joined forces to build Ghana government's portal https://www.ghana.gov.gh - a digital services and payment platform for Small Medium Enterprises (SMEs), Startups and citizens to access government services at the click of a button. In addition to their services, they also provide direct access to banking services like transfer of 'to and fro' its customers account. Then there are the agents - small enterprises, acting as "shadow bank . Examples abroad show that regulating open banking has a positive impact on the . The Central Bank of Trinidad and Tobago ("Central Bank"/"CBTT") has developed a Fintech Policy aimed at promoting an environment to accommodate ongoing financial innovations while mitigating risks. Business News of Monday, 1 April 2019. . Despite being competitors, these tech ventures saw the need to collaborate . Growing the nascent FinTech industry as a distinct part of the financial services sector needs a supportive ecosystem and environment. Fintech is a computer programs and other technology used to support or enable banking and financial services. Ghana's ZeePay is setting up as an all-in-one financial services hub; the Interswitch or MFS Africa of Ghana if you like. Much like personal finance applications, wealthtech companies have also begun partnering with registered capital market . Ghana's Fido raises $30m Series A to broaden financial inclusion in Africa. Listed in no particular order, here's a list of FinTech companies in Ghana, driving Ghana's cashless economy drift with innovative ideas. Bunq is a technology company with a banking license that gives its users control over their money. 1. With the proliferation of fintechs in Ghana's financial system and the impact of cyber fraud on the rise, the central bank introduced fintech licenses . Published on March 25, 2021. Based out of Nairobi, Nairobi Area, Kenya. . Behind South Africa is Nigeria, Africa . The FinTechs are expected to be compliant at a time where electronic payment systems are increasing significantly. Today, Interswitch and Flutterwave are valued at over $1 billion each, while OPay is valued at $2 billion. Twitter | Facebook | Linkedin Learn more about their finances on Crunchbase Shield. Verdant Capital's managing director Edmund Higenbottam talks to us about the rise of Africa's tech sector and why fintechs are so attractive to investors. Governance 22nd June 2022 Central Bank Of Eygpt Grants Lucky . This license is limited in scope and specialized on FinTechs. PaySwitch. The Enterprise Group gives you a range of products for any life and non-life insurance, as well as pension needs. Technology. . Nvoicia Hubtel With MTN Ghana in the lead, mobile money is again proving essential to financial inclusion in . (DVLA) will start paperless registration and licensing of vehicles in Ghana by July 2022. The Financial technology ("Fintech") landscape in Nigeria continued to gain traction in 2021 not only in terms of significant investments and service offerings but also in the increased regulatory attention given to the regulation of Fintech companies in Nigeria. 1 Thorpe Road Accra, Ghana Tel: +233 30 273 9650. The market's largest segment will be Digital Payments with a total transaction value of US$2.90bn in 2022. Fintech Startups in Ghana Express Pay Express Pay is a payment gateway provider. According to CGAP Ghana is "the most digital financial services-ready country in Africa": 92% of adults have the required ID necessary to open an account and 91% of Ghanaians already own a mobile phone (compared to only 74% and 72% in Kenya and Tanzania ). We licensed many startups and Fintech companies within a short duration. Accra, Ghana, August 13, 2020//-Ghana's enthusiastic efforts to become the hub for digital financial services (DFS) have been boosted by the meteoric penetration of smartphones, robust IT infrastructure, sound policies and growing middle-class. FinePay is a licensed FinTech startup based in Lagos, Nigeria. Previous Post Licensing Requirements: 1. GhIPSS processed a total number of 38 million interbank transactions in 2019 representing, a 42% increase . The Act, which would allow for the entry of non-banks and enable direct licensing of FinTechs by the Bank of Ghana, is part of the regulatory institution's broader strategy for creating an enabling environment that would facilitate retail payments and funds transfer mechanisms that are efficient and safe. License fees can go up to figures of almost 20 Million GHC for the highest license level. Fintech with the highest fundraising amount. 5 minute read. Since 1997, when the first fintech was introduced in Ghana, life has been awesome for Ghanaians since they can easily perform cashless transactions. The relevant laws and regulations, which collectively form the bedrock of the U.S. system for regulating the financial services industry, are too numerous to mention here. In Ghana, fintechs have led the way in providing simplified financial services (savings, insurance, pensions, loans etc) to mass market participants via digital channels. Company profile Before applying for a licence, the FinTech company must be a company incorporated under the laws of Ghana and must provide an overview of the company and attach the registration documents from the Registrar General's Department. Wealthtech. It is a health technology enterprise whose most popular product is M-TIBA. Out of this, only approximately 1% of the 10,755 fintechs are unicorns valued at $1 billion or more. CarePay. Now the country's fintech unicorns are becoming just as valuable as its banks. The two forex bureaux are under . It is one of the top 10 best FinTech companies in Nigeria in 2022. What else do you know that has gone viral around the world except for fintech? This has changed, and fintechs in most countries are now regulated by main national financial regulators. This was disclosed at a press engagement organised by the National Switch provider in Accra last Friday. Consequently, there is a significant need for regulation of fintechs in South Africa's open banking sector, which remains unregulated. FIDO provides fast and easy short-term loans, called FIDO Loans. Accra, Ghana, July 20, 2019//-The current growth in financial technology (fintech) and its promise to democratize financial services in Ghana is heavily depended on the country's mobile money (MoMo) payments sector. Category Digital Banking Founded 2013 Employees 51 to 100 Headquarters Amsterdam Country Netherlands iPay solutions. Bank of Ghana. The electronic payments transactions that go through the Ghana Interbank Payment and Settlement Systems Limited has increased by 42%. There we have it: the top 12 startups to pay attention to in 2021. . in USA gave regulators the opportunity to agree in seven states to recognise each other's findings when assessing license applications . In 2021, the Bank of Ghana set up the Fintech and Innovation Office with responsibility for the licensing and oversight of dedicated electronic money issuers, payment services providers, closed loop payment products, payment support solutions and other emerging forms of payments delivered by non-bank entities. Even fintechs offering relatively simple products or services will likely have to secure licenses from multiple federal and state regulators, and comply with the requirements set out by those bodies. The PSP framework is one major attempt by the CBN to streamline the licencing regime for fintechs in Nigeria. The Bank of Ghana opined that, the new FinTech and Innovation Office will be responsible for licensing and oversight of dedicated electronic money issuers (mobile money operators), payment service providers (PSPs), closed loop payment products, payment support solutions and other emerging forms of payment delivered by non-bank entities. However, when a company holds a higher . CarePay is one of the few Fintech Kenya companies that use technology to offer financial assistance to individuals that want to access healthcare services. China trails behind the USA with 13 fintech unicorns, that just a tenth of what the United States prides itself in harboring. BezoMoney Technologies Limited. If a company carries on an activity that falls outside the permissible activities, it would be in default and will be liable to a fine by the BOG. 179. Currently, there are seventy-one fintechs providing solutions to businesses and individuals. Address: 4 th and 5 th Floor Fortune Towers, 27/29 Adeyemo Alakija Street, Victoria Island, Lagos, Nigeria. The company was founded in 2003 and currently has operations in South Africa, Ghana, Zimbabwe, Kenya, Cote d'voire and The United Kingdom. They are plotting an expansion to South Africa and Rwanda if they can raise $10m. FinTech Egypt is where startups, investors, mentors and financial corporations come together to connect, innovate and create success stories in the FinTech ecosystem in Egypt, with the goal of promoting financial inclusion and making banking services available for all Egyptians. It is an easy way to request, split the bill and pay friends in real time. Entities engaged in the provision of investment services must register with the SEC as capital market operators. 1.1 Please describe the types of fintech businesses that are active in your jurisdiction and the state of the development of the market, including in response to the COVID-19 pandemic and ESG (Environmental, Social and Governance) objectives. Fintechs have also begun to acquire microfinance banking licences to deliver their products. FL Brokers - A marca da excelncia no mercado imobilirio. Overview. Based out of Nairobi, Nairobi Area, Kenya "We will be coming out with the operational guidelines and licensing requirements for Fintechs in the next couple of weeks," First Deputy Governor of the BoG, Dr Maxwell Opoku-Afari disclosed in Accra recently at a stakeholder workshop organized by MTN Ghana as part of its 10th anniversary celebration. The Payment Systems and Services Act, 2019 (Act 987) which allows for the entry of non-banks - as well as enabling direct licencing of FinTechs by the Bank of Ghana - is a good first step but not enough. Email: fintech@bog.gov.gh. Each PSP license allows a company to carry out specified permissible activities. For more on the logic behind these Federal FinTech bank licenses, see the US Department of Treasury report. Though this may seem like a drop in the ocean, USA's 105 unicorns make up nearly 45% of the world's fintech unicorns. Fido Money Lending Limited (FIDO) is a financial institution based in Accra, Ghana and licensed by Bank of Ghana. Licensing Requirements 1. Licensing of a FinTech company depends on the category of the company. 0. Top FinTechs In Ghana. Kuda Bank is also famous in the FinTech industry. That will be used to make your financial process so easy. The opportunities for them are vast as around two-thirds of . Commercial Licensing for FinTech Firms DIFC offers a dedicated commercial license, specifically developed for FinTech, RegTech and InsurTech firms, allowing them to operate within the Centre. FinTechs in this segment provide digital lending platforms such as web apps and mobile apps. It recently closed a huge deal this year of $170 million . The new FinTech and Innovation Office is responsible for the licensing and oversight of dedicated electronic money issuers (mobile money operators), payment service providers (PSPs), closed loop payment products, payment support solutions and other emerging forms of payment delivered by non-bank entities Home / FinTech & Innovation 18 Fintech entities also are subject to licensing and chartering regimes at both the federal and state . The Fintech Association of Nigeria recently launched The Startup MarketPlace which is geared towards strengthening and . Ghana needs to take bold, difficult and firm decisions in order to face the economic headwinds battering the world,. However, it is a bit different from what many startups would prefer. According to the 2020 Global FinTech Index City Rankings Report, Ghana ranks 4 th in Africa and 58 th in the world, making it one of the countries with the fastest growing FinTech ecosystems in the world. Value of alternative . Earlier in March, the Bank of Ghana (BoG) granted permission for 50% of the prescribed minimum capital required for existing Fintechs to be held in non-current assets. Fintech offerings are subject to extensive product-level regulation by the federal government and individual states. The closure follows the failure of the operators to issue receipts and the breaching of Foreign Exchange laws in the country. WhatsApp line: 08188639818 Three leading Ghanaian fintechs; Hubtel, ExpressPay and IT Consortium joined forces to build Ghana government's portal https://www.ghana.gov.gh - a digital services and payment platform for Small Medium Enterprises (SMEs), Startups and citizens to access government services at the click of a . Meanwhile, the countries with the highest FinTech hubs in Africa include South Africa, Kenya, and Nigeria, ranked 1 st, 2 nd, and 3 rd in . With our financial license, you can offer your services in many other countries like USA. The average transaction value per user in the Alternative Financing . Nigeria now has the most unicorns of . FinTech By Shepherd Yaw Morttey On Jun 9, 2018 The Bank of Ghana will revoke the license of any financial technology company that fails to comply with regulatory requirements outlined in the new payment systems and services bill. Segmentation of fintechs in South Africa (2019 count), Fintech Scoping in South Africa, Nov 2019. For clarification, the new license requirements are given for companies listed with Corporate Affairs Commission . In less than a decade, GhIPSS Instant Pay transactions valued at GH420,000 ($52,755). Top Startups in Ghana. Today, there are some 17.5 million active mobile money accounts in Ghana with GH571.8 billion (USD 99.67 billion) in mobile money transactions in 2020 alone, representing 84% growth from the . The Payment Systems and Services Act, 2019 (Act 987) which allows for the entry of non-banks, as well as enable direct licensing of FinTechs by the Bank of Ghana is a good first step but not enough. 4 fintechs per million population. While the licence fees cost between 50,000 and 2 million . August 2, 2021. The company that was launched in 2016 has become one of the fastest-growing fintechs in Africa and one of the most funded startups of 2020. FinTech companies in Ghana Cube Robotic Limited BezoMoney Technologies Limited iPay Solutions Zeepay Ghana Limited ExpressPay Oz Kwidex Nvoicia Hubtel BitSika PennySmart Inclusive Financial Technologies Since then, new laws have been rolled out to support the adoption of digital financial services. 3. Bank of Ghana governor Dr. Ernest Addison said: "Ghana's progress in migrating to electronic payments has been laudable. Africa currently hosts around 500 fintech firms, most of them in South Africa, Nigeria, and Kenya. Fintech density in Chile. To put the scapes into context, Ghana is home to about 32 million people, an estimated 83.1 percent of which now hold mobile money accounts. In the introduction stage there was a major lack of collaboration and interoperability was a far . Hubtel Governance Fintechs are challenging this entire business model and the relevance of financial intermediaries in the digital age we live in. Zeepay Ghana Limited. 2. If a company carries on an activity that falls outside the permissible activities, it would be in default and will be liable to a fine by the BOG. They provide the services of utility bills, school fees, hotel reservations and premium insurance. Regulations have developed alongside the industry and did not initially fit the new breed of fintechs. 2. +233(0)303-966-922 info@businessghana.com Additionally, fintechs in Ghana and any part of the world drive the use of technology in . Eric Osiakwan. March 17, 2022. There are five (5) main classifications of PSP or FINTECH licenses in Ghana. The regulation of the fintech industry is more complicated than for . Attached is the statement from the Bank of Ghana. by Eric Osiakwan. The disruptions that have come with FinTechs are now straining the regulatory framework which has justified the need for regulation to ensure systemic stability, consumer protections and investor protections. Most fintechs have to pay for their licenses to the BOG. The restriction from the Police was due to its . ExpressPay. 4. On Friday, 6th July 2018, a Post No Debit instruction ("PND") was placed on its account with ABC Bank Ltd on the instruction of the Nigerian Police Force. Ten years ago, it was rare to see a Nigerian startup raising $10 million. Bank of Ghana Licenses First Fintech In furtherance of efforts to deepen financial inclusion and in accordance with the Payment Systems and Services Act, 2019 (Act 987), the Bank of Ghana has issued its first Dedicated Electronic Money Issuer Licence, to a local Financial Technology (Fintech) company, Zeepay Ghana Limited. The Bank is aware of the possibilities that Fintech offers for improving the efficiency and security of financial transactions, as well as, financial inclusion. The remaining 50%, the BoG, however said, should be deposited in a designated account at the Central Bank. International remittances to mobile money have increased 60% in the past six months. FinTech - Ghana. CHECK: 2022/2023 Admission And Recruitment In Ghana Below is the List Of Fintechs In Ghana Cube Robotic Limited. Customers can apply for a FIDO Loan directly from their own mobile device or in FIDO's branch and receive a credit decision within minutes. Kuda Bank. 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