Accelerex Ghana hits new milestone with Payment Service Provider form BoG

GHANA – Accelerex Ghana, pan-African fintech company, has been granted an enhanced Payment Service Provider (PSP) licence from the Bank of Ghana (BoG), under the Payment Systems and Services Act, 2019 (Act 987). This makes Accelerex Ghana the only fintech organization currently within the enhanced PSP category that provides physical e-payment devices, merchant acquiring, and agency banking solutions in the country. The move followed on the heels of the ISO 27001:2013 and PCI-DSS certifications recently obtained by the company and will open the Ghanaian market to more electronic payment and…

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Bank of Ghana to diversify ownership of Interbank Payment and Settlement Systems

GHANA – The Bank of Ghana (BOG) has announced plans to embark on the diversification of the Ghana Interbank Payment and Settlement Systems (GhIPSS) with regards to both operational mandate and its ownership base. As a result of this process, which the Bank plans to undertake over the next 5 years,  the share ownership structure of GhIPSS is expected to witness increased private sector participation, hence reducing its dependency on the central bank. Currently, the GhIPSS is a wholly owned subsidiary of the Bank of Ghana and the recapitalization and…

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Otuasekan Rural Bank performs impressively in 2018, registers a US$ 0.25m profit

GHANA – The Otuasekan Rural Bank Limited, one of the micro-finance banks in Ghana, performed remarkably in the 2018 financial year, accruing a profit of US$ 246,275 (GH¢1,354,195) after tax. The microfinance institution with headquarters at Kofiase, in the Mampong Municipality of the Ashanti Region also reported a 4.83 per cent increase in revenue from US$2.9 million (GH¢ 16,151,516) in 2017 to about US$3 million (GH¢ 16,931,948) in 2018, with profit before tax standing at US$378,190 (GH¢ 2,079,557). The bank’s share capital in the same year stood at US$404657 (GH¢…

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Ghana set to launch Deposit Insurance to protect customers savings from losses

GHANA – Ghana’s is set to launch the Deposit Insurance Protection Corporation to protect people with small savings from losses. The losses to be insured are those incurred as a result of the occurrences of an insured event such as the revocation of a Deposit Taking Institution’s license. Dr Ernest Addison, the Governor of BoG, who was speaking at 19th annual working luncheon of Ghana Association of Bankers (GAB) revealed that the newly created Deposit Insurance Protection Corporation (DIPC) will become fully operational by the beginning of October this year. Dr…

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