BoG issues first Dedicated Electronic Money Issuer license to local fintech

The Bank of Ghana (BoG), has authorized its first Dedicated Electronic Money Issuer license, to a local Financial Technology (Fintech) company, Zeepay Ghana Ltd.

This move is in line with the Payment Systems and Services Act, 2019 (Act 987).

According to the central bank the authorization forms part of efforts to deepen financial inclusion in the country.

The Payment Systems and Services Act, 2019 (Act 987) is to provide the legal and regulatory framework for the orderly development of the payment system due to the emergence of new payment streams, institutions such as financial technology companies and the general acceptance of electronic money.

Under the licence, Zeepay Ghana Ltd is allowed to operate as a Dedicated Electronic Money Issuer, providing the ensuing services: Cash In, Cash Out, P2P Transfers (Peer to Peer), Bill Payments, Airtime Top-Up and International Money Transfer (IMT).

Already, Zeepay Ghana Ltd, has received a license to operate a full Electronic Money Issuer service otherwise known as Mobile Money.

The approval will permit Zeepay to improve access to financial services for over 20 million Ghanaians while offering safety, convenience and significant cost savings.

Below is the full press statement by BoG