Payment systems technology is fast gaining momentum in Ghana and the Bank of Ghana (“BoG”)’s efforts at ensuring the development of the financial technology (“Fintech”) industry have culminated in the establishment of the Fintech and Innovation Office; and the issuance of the first ever Dedicated Electronic Money Issuer licence to a local fintech company, Zeepay Ghana Limited in April 2020. Since then, BoG has issued a number of payment service provider (“PSP”) licences to various fintech companies in Ghana, the most recent being Paystack Ghana in March 2022, thereby deepening the country’s financial inclusion and digital footprint.

This Alert highlights some of the key steps in acquiring a PSP licence from the Bank of Ghana.