TechPression

Tag: Bank of Ghana

  • Bank of Ghana approves BrijX pilot for direct cedi-naira currency swaps

    Bank of Ghana approves BrijX pilot for direct cedi-naira currency swaps

    The Bank of Ghana has announced that Brij Fintech Ghana, a licensed Payment Service Provider, has been approved to pilot a B2B currency swap platform known as BrijX. This platform facilitates direct currency swaps between the Ghanaian cedi and the Nigerian naira without relying on traditional foreign exchange channels. The announcement was made on Thursday, clarifying that the pilot began live testing in February 2025.

    Read also: Global Bank, Lucy Insurance, Kacha jointly launch Agar to offer loans to taxi drivers in Ethiopia

    BrijX enables easy cross-border transactions through digital integration

    BrijX operates as a digital marketplace that collaborates with banks, mobile money operators, and licensed Payment Service Providers (PSPs) to enable seamless cross-border transactions.

    The platform is currently conducting controlled testing of outbound transactions from Ghana to Nigeria for a select number of users, ensuring compliance with existing transaction limits. Brij Fintech Ghana is partnering with MobileMoney Limited (MTN MoMo) and G-Money Financial Services to test the product with their customers.

    As part of the pilot, the Bank of Ghana has implemented strict regulatory controls, including transaction limits, restrictions on the number of participating customers, and a defined testing period, while ensuring full compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) standards.

    A representative of Brij Fintech Ghana noted, “This pilot marks a step towards enhancing financial inclusion and cross-border trade efficiency. We are confident that BrijX will provide a reliable and innovative solution for businesses engaging in transactions between Ghana and Nigeria.” The Bank of Ghana’s Regulatory Sandbox provides a controlled environment for fintech companies to test innovative financial products while ensuring consumer protection and regulatory compliance.

    Read also: Proparco supports Equity Group with €1 million to enhance climate-smart agriculture in Kenya

    Regulatory framework and testing phase

    The Bank of Ghana clarified that MobileMoney Limited, a provider of MTN MoMo, has not been licensed or authorised to conduct cross-border transactions. Instead, the BrijX pilot is a regulated initiative to revolutionise the region’s digital payments.

    The central bank emphasised that the testing is strictly controlled, with measures such as transaction limits, a limited number of participants, a defined testing period, and full compliance with AML and KYC standards.  At the end of the pilot phase, the Bank of Ghana will assess the platform’s performance to determine its viability in Ghana’s broader financial ecosystem and cross-border payment strategies.

    The BrijX platform could transform currency exchange and trade between Ghana and Nigeria, potentially serving as a model for cross-border payments without dollarisation across Africa. The collaboration between Brij Fintech, MTN MoMo, and G-Money was recently recognised at the Ghana Fintech Awards, highlighting the potential impact of such partnerships in the fintech sector.

  • Ghana’s President Mahama champions Solana as key catalyst for crypto adoption in Africa

    Ghana’s President Mahama champions Solana as key catalyst for crypto adoption in Africa

    President John Mahama of Ghana on Saturday identified Solana, a high-performance blockchain network, as a potential game-changer for fintech growth and cryptocurrency adoption across Africa.

    In a post on his official X handle, Mahama emphasised the importance of financial inclusion and how Solana’s low transaction costs could revolutionise the continent’s digital economy.

    Read also: President Touadéra unveils $CAR coin to boost Central African Republic’s global presence

    Solana’s role in Africa’s financial inclusion

    President Mahama stated, “Financial inclusion isn’t just a need for Ghana—it’s essential for all of Africa. With its low transaction costs, Solana could be the key to driving fintech growth and enabling cryptocurrency payments and investments across the continent.”

    He pointed out that traditional banking systems have failed to reach millions of Africans, making decentralised finance (DeFi) a viable alternative. Solana’s blockchain, known for its speed and scalability, processes thousands of transactions per second at a fraction of the cost of traditional systems, making it an attractive option for African entrepreneurs and small businesses.

    Mahama further noted how blockchain technology could help Africa bypass traditional development hurdles. “The Fourth Industrial Revolution presents a golden opportunity for Africa to leapfrog traditional development models.

    Digital transformation can drive financial inclusion, improve public service delivery, and create new opportunities for all our people,” he said. He called for investments in internet expansion, digital infrastructure, and fintech to bridge the digital divide and make Africa more competitive globally.

    More on regulation and the future of cryptocurrency in Africa

    The 9th president’s remarks come as Ghana’s central bank, the Bank of Ghana (BoG), works to regulate the country’s cryptocurrency market. In August 2024, the BoG issued draft regulations to formalise oversight for digital assets, including registration requirements for Virtual Asset Service Providers (VASPs) and anti-money laundering measures.

    Additionally, the BoG is pursuing its own central bank digital currency, the eCedi, as part of the country’s push for digital finance innovation.

    While acknowledging cryptocurrencies’ potential, Mahama cautioned against their volatility, urging investors to be mindful of sharp price fluctuations. He also called for progressive regulations that balance innovation with consumer protection.

    Read also: TRUMP coin declines by 38% as Melania’s new coin hits $6bn on inauguration eve

    A vision for Africa’s digital revolution

    The head of government endorsement of Solana aligns with his broader vision for Africa’s digital transformation. By leveraging blockchain technology, he believes the continent can redefine financial access and create a more inclusive digital economy.

    As the continent continues to embrace cryptocurrencies, his call for collaboration and policy reform could pave the way for a brighter financial future.

  • Flutterwave receives approval for remittance operations in Ghana

    Flutterwave receives approval for remittance operations in Ghana

    Flutterwave, Africa’s leading payments technology company, announced on Tuesday that it has received approval from the Bank of Ghana to provide inward remittance services.

    This development marks a major step in enhancing financial inclusion and simplifying payments for Ghanaians.

    Read also: Nigeria, Flutterwave sign agreement to empower young people

    Ghana’s regulations back Flutterwave remittance expansion

    Flutterwave’s approval to offer inward remittance services aligns with Ghana’s supportive regulatory environment, which was established by the Bank of Ghana and the Ghana Digital Agenda. 

    This atmosphere has created a thriving fintech industry, with mobile money making up 60 per cent of foreign exchange inflows. The approval positions Flutterwave to streamline remittances, offering Ghanaians faster and more cost-effective ways to receive funds abroad.

    Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, expressed excitement about the approval, stating, “We are excited to receive the approval to provide inward remittance services in Ghana, which marks a step in our mission to simplify payments for endless possibilities. Remittances play a vital role in the Ghanaian economy, and our goal is to make the process as seamless as possible for Ghanaians in the diaspora looking to send money home. This approval is a testament to our ongoing commitment to supporting financial inclusion and economic growth in Africa“.

    Oluwabankole Falade, Chief Regulatory and Government Affairs Officer at Flutterwave added, “This approval showcases our dedication to complying with regulatory standards and our readiness to provide reliable payment solutions that address the unique needs of the Ghanaian market. We are grateful to the Bank of Ghana for their support and look forward to expanding our services in the country.“

    Read also: Citi, Visa, Cellulant launch payment tool for Kenyan SMEs

    Flutterwave answers growing demand for reliable remittances in Ghana

    The demand for seamless remittance solutions is rising as Ghanaians rely on international transfers for daily expenses and investments. 

    Flutterwave’s approval ensures that Ghanaians benefit from fast, secure, cost-effective remittance services. Beyond mobile money, sectors like InsurTech, LendTech, and Buy Now, Pay Later (BNPL) are also experiencing growth, presenting a diverse fintech environment.

    Flutterwave’s commitment to simplifying payments aligns with Ghana’s fintech growth, which is fueled by high mobile penetration. 

    Ghanaians can quickly receive money using the Send App with the company’s services, improving financial inclusion. Flutterwave’s goal is to connect Africa to the globe through smooth transactions.

    As Flutterwave expands its services in Ghana, it aims to support financial inclusion and economic growth by providing reliable payment solutions tailored to the Ghanaian market.

  • Court reverses Bank of Ghana’s termination of Ideal Finance’s licence

    Court reverses Bank of Ghana’s termination of Ideal Finance’s licence

    The High Court’s Human Rights Division on Monday overturned the Bank of Ghana’s (BoG) decision to cancel the operating licence of Ideal Finance Limited.

    The High Court’s decision represents a significant win for the now defunct financial institution in its continuous conflict with the top bank.

    The court determined that the action was unjustified because the Bank of Ghana had not followed the proper legal procedures before cancelling Ideal Finance’s licence.

    Read also: Ghana and Rwanda collaborate on Africa’s first license passporting framework

    The court restored the business’s legal standing, enabling it to carry on with its operations.

    Bank of Ghana’s financial sector cleanup exercise 

    As part of its extensive financial sector cleanup effort, the Bank of Ghana terminated Ideal Finance’s license, mostly citing insolvency and weak governance.

    The revocation was quashed, though, after the High Court determined that the BoG had not followed all necessary procedures before reaching its decision.

    23 financial companies, including Ideal Finance, GN Savings and Loans, First Allied Savings and Loans, Midland Savings and Loans, and Unicredit Savings and Loans, had their operation licences withdrawn by the Bank of Ghana on August 16, 2019.

    The central bank defended its broad actions by claiming that these institutions had been given enough time to recapitalise but remained bankrupt.

    Read also: Dutch bank launches $4 million initiative to fund startups in Ghana, Nigeria, Tanzania

    Bank of Ghana aims to restore stability in the banking system

    Restoring stability and trust in the banking system was the goal of the BoG’s financial sector cleanup effort, especially in light of worries about the viability of some banks.

    However, several banks and financial institutions were forced to close as a result of the cleanup, which left depositors and other stakeholders in a precarious financial situation.

    Even if the Bank of Ghana’s policies were meant to boost the sector over time, impacted institutions and their customers have strongly opposed them.

    The success of Ideal Finance’s appeal against the revocation may serve as a model for future court cases, casting doubt on the impartiality and openness of the central bank’s regulatory processes.

    The High Court’s ruling to overturn Ideal Finance’s licence revocation may have broader implications for the Bank of Ghana’s future financial sector activities.

  • Dr Johnson Asiamah: The economist President Mahama nominated to lead Bank of Ghana

    Dr Johnson Asiamah: The economist President Mahama nominated to lead Bank of Ghana

    Ghana’s re-elected president, John Dramani Mahama, has nominated Dr Johnson Asiamah to be the next governor of the Bank of Ghana (BoG)

    He was nominated for the position after the apex bank’s current governor, Dr Ernest Addison went on leave ahead of his retirement in March, 2025.

    Dr Asiamah’s nomination by the president has raised a lot of questions about his background and work experience in the finance industry.

     Read also: Accra AMA launches mobile payments for businesses

    Dr Asiamah’s professional and educational background

    Dr Asiamah is an economist with a robust career in banking supervision, macroecomic policy, as well as investment consultancy. He joined the Bank of Ghana in 1996 and has had a good career for decades.  

    He served as the Deputy Governor of the Bank of Ghana from May 2016 to January 2018, where he managed important departments, including Research and Statistics, and the Banking and Finance departments.

    Dr Asiamah holds a doctorate in Economics from the University of Southampton and is also a member of the American Economic Association. 

    A loud voice in Ghana’s economic sector

    In August 2019, Dr Asiamah openly criticised the then Nana-Addo government for allegedly mishandling the banking sector cleanup.

    According to him, public statements by some officials played a role in the collapse of some savings and loans companies.

    Read also: Ghana-Israel partnership eyes innovation in farming and renewable energy

    Responding to his statement, the Ghana’s apex bank refuted his claims and stressed on the importance of their actions to protect depositors.

    The banking sector cleanup had led to massive job losses and has negatively impacted the economy.

    In September 2024, he also raised concerns about the government’s ‘Gold for Oil’ initiative, stating that it is opaque in nature, has no clear blueprint and will burden the Bank of Ghana.

    As he prepares takes on the role of BoG’s governor, Ghanaian citizens are hoping that he is dedicated and committed to the position and is able to drive Ghana’s economic future to greater heights.  

  • “Technology will shape agricultural financing in Ghana,” says BoG governor Addison

    “Technology will shape agricultural financing in Ghana,” says BoG governor Addison

    The governor of the Bank of Ghana, Dr Ernest Addison, has stated that considering Ghana’s fast-changing landscapes and environmental conditions, financing the agricultural (agric) sector in the country will be shaped by a blend of technological (tech) advancements.

    With the help of fintech companies, small-scale farmers in rural areas who have no access to capital to expand their farms or purchase farm machinery to boost their productivity will be able to do so.

    Read also: Agripredict launches AI-powered weather app for Zambian farmers

    How tech advancement will influence agricultural financing in the future

    According to Dr Addison, fintech companies and digital platforms are changing business financing by giving more accessible and flexible funding options.

    He said: “Digital platforms could be leveraged to connect farmers with investors, offer microloans, and streamline the application process. Advances in data analytics and artificial intelligence would also help lenders assess creditworthiness more accurately by analysing data from various sources – such as credit reference bureaus, weather patterns, and historical yields – AI can be deployed to provide precise risk assessments and tailor financing solutions to individual needs.

    “As precision agriculture technologies become more widespread, they could influence financing by demonstrating the potential for increased productivity and lower risks. Farmers who adopt these technologies might have better access to capital due to their ability to produce more reliable returns.”

    According to Dr Addison, farmers can also seek capital through crowdfunding and peer-to-peer lending.

    Financing projects that enhance climate resilience

    Dr Addison continued that with climate change posing significant risks to agriculture, more projects that will contribute to climate resilience will be funded.

    It includes financing sustainable practices, like agroforestry and water-saving technologies.

    He added that more investors are interested in supporting agriculture that is based on sustainable and climate-friendly practices.

    Read also: Kraken’s impact on shaping the future of Nigeria’s palm oil industry

    The role of government policies and regulations

    Government policies and support programmes will still be essential in agricultural financing.

    Subsidies, grants, and low-interest loans can support farmers.

    Changes in regulatory frameworks, especially those related to financial inclusion, environmental standards and sustainability, could also influence financing.

    Lenders and investors must stay informed about regulations affecting agricultural practices and financing.

  • Digital platforms fraud cases rise, but losses drop in 2023 – Bank of Ghana report

    Digital platforms fraud cases rise, but losses drop in 2023 – Bank of Ghana report

    The Bank of Ghana (BoG), in its yearly Financial Fraud Report, has disclosed that the number of fraud cases on the platforms of the various payment service providers (PSPs) has significantly increased.

    The apex bank, however, added in its report that despite the rise in fraud cases, the amount of money stolen or lost by users of the PSPs has reduced.

    Read also: Ghana tops global cybersecurity ranking for 2024

    A 20% rise in PSP fraud cases 

    According to the report, the number of fraud cases skyrocketed to 14,655 compared to the cases recorded in 2022. In 2022, a total of 12,166 fraud cases were recorded – this marks a 20% rise in 2023.

    The amount of money lost was heavily reduced from GHS26 million in 2022 to GHS16 million in 2023, showing a 38% decline.

    Beyond PSP fraud, mobile money fraud is rising steadily

    On the other hand, fraud via mobile money and other stand-alone digital finance apps is also fast-rising, and the Bank of Ghana has expressed concerns about the situation, mainly because those are the channels driving financial inclusion.

    Mobile money fraud accounts for 8% of the recorded cases by the apex bank in 2023. 

    The report further stated that at the end of 2023, electronic customer accounts had reached 65.6 million, with 22.8 million being active users.

    Read also: Telecel Ghana clears six awards at 2024 National Communications Awards

    The volume of transactions for the same period reached 6.8 billion – which was a 36% increase compared to 5 billion in 2022) with a corresponding transaction value of GH¢1.9 trillion.

    The report noted: “E-money usage across various networks and channels has made financial services more accessible for millions of Ghanaians and ultimately fostered financial inclusion.

    “Customers of e-money platforms perform a wide range of services including payments of insurance, investments, remittances, among others.”

    The way forward 

    The BoG concluded that because of the increasing fraud cases recorded in the sub-sector, it is essential for stakeholders to raise more awareness through sensitisation programs, strengthening security measures and taking proactive measures to solve the problem.

  • Flutterwave acquires Ghana PSP license after expanding into Mozambique

    Flutterwave acquires Ghana PSP license after expanding into Mozambique

    The Bank of Ghana has awarded the Nigerian fintech company Flutterwave a Payment Service Provider licence (Enhanced Category).

    With the Enhanced Category Payment Service Provider license, the company can operate without third parties, simplifying customer and enterprise payments.

    With the license, Flutterwave will be better equipped to assist other licensed fintech businesses in Ghana by providing necessary payment services and encouraging a more cohesive and effective financial ecosystem.

    Read also: African Fintech Startups Thriving with Passporting

    Flutterwave to support Ghana’s financial industry 

    The company claims this development will result in more secure and easy nationwide money transfers. Businesses will also profit from automated invoicing, payment links, direct collection and payout services, and a checkout solution that accepts cards, mobile money, and bank transfers, among other payment methods.

    Flutterwave’s innovative goods are promising in Ghana. Since Ghana has a strong democracy, tech-savvy young, and 71% mobile internet penetration, digital adoption is fast.

    According to Flutterwave, the nation’s digital payments market is expected to increase at 15.78%, reaching $7 billion in 2024 and a total value of $12.96 billion by 2028.

    The CEO and founder of Flutterwave, Olugbenga “GB” Agboola, stated that acquiring this license in Ghana brings the company one step closer to unifying the dispersed payment infrastructure in Africa.

    In addition, he stated that the business is dedicated to supporting economic expansion and offering unmatched customer care to all potential clients in Ghana and the diaspora.

    Flutterwave’s Expansion: Securing Licenses in Ghana and Mozambique

    The license Flutterwave secured in Ghana comes two months after the Bank of Mozambique gave Flutterwave preliminary permission for its payment aggregator licence, enabling the platform to extend its services into the country.

    Following an announcement to refocus its operations on its primary income streams of remittance and enterprise services, Flutterwave laid off about 30 workers in June 2024, or roughly 3% of its staff.

    The business announced in July 2024 that it will collaborate with the Economic and Financial Crimes Commission (EFCC) of Nigeria to establish and equip a Cybercrime Research Centre. The aim is to step up efforts to combat cybercrime and advance safe online transactions.

    Read also: CBK to Give Payment Licenses to Fintech Startups

    About Flutterwave

    Flutterwave was founded by a group of seasoned African financial and technology professionals from Standard Bank, PayPal, and Google Wallet, among others, in 2016. Flutterwave aims to establish a payment infrastructure that will link Africa to the world economy.

    They achieve this by developing infrastructure, tools, and technology for companies and banks that wish to provide their clients with a more secure and smooth payment experience.

    The company is one of the payment firms with the highest rate of growth worldwide. In the more than 33 African nations where it currently conducts business, Flutterwave has handled 25 million transactions and nearly $2 billion in payments since its founding.

    It has attracted significant investments from experienced Fintech investors, like Ycombinator Continuity Fund (owners of Stripe), Greycroft (investors in Braintree and Venmo), Greenvisor Capital, Omidyar Network, and Glynn Capital. At the Apps Africa Innovation Awards in 2017, Flutterwave was honoured as the top fintech firm in Africa.

  • Bank of Ghana approves Zeepay for outbound money transfers

    Bank of Ghana approves Zeepay for outbound money transfers

    Zeepay, a pioneering fintech startup based in Ghana, has secured regulatory approval from the Bank of Ghana to facilitate outbound money transfer services within a regulatory sandbox environment.

    This approval allows Zeepay to enable Nigerian and Ivorian immigrants in Ghana to send up to $10,000 yearly back to their home countries.

    Recipients can receive funds directly in their mobile money wallets or bank accounts, significantly enhancing the financial connectivity of these immigrant communities. This regulatory milestone was achieved just a month after Zeepay announced it had secured a $3 million equity investment from Verdant Capital Hybrid Fund, a move intended to strengthen its financial base for future expansion.

    Read also: Flutterwave halts network Intrusion, reports culprits to security agency

    Zeepay’s Growth and Market Presence

    Zeepay, operational for a decade, employs over 200 people and has raised more than $23 million since its inception.

    By 2022, Zeepay had expanded its operations to 23 countries, including major markets such as Ghana, Nigeria, Zambia, Ivory Coast, Sierra Leone, and Gambia. Andrew Takyi-Appiah, the Managing Director of Zeepay, emphasised that this approval by the Bank of Ghana underscores the government’s commitment to supporting local enterprises and promoting digital innovation in alignment with Vice President Dr Bawumia’s digital transformation agenda.

    Dede Quarshie, the GM Commercial at Zeepay, highlighted that the new service will facilitate peer-to-peer remittances across various corridors, including Ivory Coast, Nigeria, the United States, and the United Kingdom.

    Quarshie noted that this development not only eases transactions for the immigrant community but also turns previously recipient-only regions into active sending locations, broadening Zeepay’s service scope and improving client offerings.

    Read also: PayFast becomes Network International, expands to South Africa

    Expanding Operations in Zambia and Beyond

    In addition to its regulatory success in Ghana, Zeepay has also made significant strides in Zambia. After receiving approval from the Central Bank of Zambia to operate in the country and offer outbound services from its Zeepay Mobile Money Wallet in 2023, Zeepay has now been granted permission for both inbound and outbound cross-border payments by the Bank of Zambia.

    Aston Njovu, the company’s Product Manager for the SADC Region, described this approval as a significant milestone, particularly as the company celebrates a decade of innovation and leadership in mobile money solutions.

    Zeepay’s approval by the Bank of Ghana marks a first for any company within the regulatory sandbox, reflecting its pioneering role in the fintech industry. This strategic expansion and regulatory endorsement are set to enhance Zeepay

  • Bank of Ghana approves Cross Switch International and Cross Switch Ghana’s payment services

    Bank of Ghana approves Cross Switch International and Cross Switch Ghana’s payment services

    The fintech company Cross Switch International S.A.R.L. and Cross Switch Ghana LTD have revealed that it has received approval from the Bank of Ghana to operate as an Enhanced Payment Service Provider (EPSP). 

    As a company offering EPSP services, Cross Switch Ghana aims to use its technology and payment infrastructure to digitize merchant payments, collections, and disbursements for e-commerce, remittances, and financial inclusion.

    Since the Bank of Ghana enacted the Payment Systems and Services Act (2019) and the National Payment Systems Strategic Plan (2019-2024), the payments space in Ghana has expanded. These acts provide for a more enabling regulatory environment that promotes efficient payments, boosts financial inclusion, and encourages financial innovations.

    Meanwhile, the use of other forms of money transfer, especially mobile money, has increased dramatically. Cross Switch Ghana’s services meet the rising need for cutting-edge innovations among merchants by providing them with a solid foundation upon which to build and expand their consumer base.

    Read also: Arkel Consult and Management Services (ACMS) set to promote financial inclusion in Ghana

    Mr Saqib Nazir, CEO of Cross Switch Ghana, stated, “Cross Switch Ghana, as part of the Cross Switch Group of Companies, is delighted about this next phase of our journey as an EPSP. We look forward to tapping into the Group’s knowledge base and expertise to bring new solutions to the challenges that developing markets encounter. We intend to contribute considerably to the digital payments ecosystem in Africa and hence contribute to Africa’s development.”

    “We have observed the transformation of Cross Switch Ghana from a local fintech firm to a licensed Enhanced PSP,” said Tim Davis, CEO of Cross Switch. Our shared beliefs and goals unite us in our efforts to expand access to technology and increase positive social change across Africa. We are confident in the company’s success in the dynamic fintech industry because of its exceptional team and track record of providing valuable additional services.

    Cross Switch International and Cross Switch Ghana’s payment services

    Cross Switch International S.A.R.L., led by CEO Tim Davis, is a pan-African financial technology firm with extensive expertise in managing payment systems in developing countries. The firm has a state-of-the-art payment platform (CS+) utilized in many other regions, not only in Africa. Cross Switch has acquired and created a number of African technology and payment startups.

    The company enables both African and international businesses to send and receive funds into and out of Africa and within the continent, regardless of the payment method utilized. Cross Switch has established and invested in companies throughout Africa, including in nations like Benin, Egypt, Ghana, Kenya, Morocco, Nigeria, and South Africa. Having a primary focus on the Western side of the continent, it is quickly growing via new initiatives, collaborations, and acquisitions.

    Cross Switch Ghana provides core and middleware infrastructure to financial service providers as well as digital payment solutions to merchants to support commercial transactions. The company’s main objective is to aid companies in handling consumer payments by offering numerous options.

    GFPA Applauds the Bank of Ghana’s Regulatory Sandbox.