Cross Switch Ghana has received approval from the Bank of Ghana to operate as an enhanced payment service provider (EPSP). The company plans to leverage its technology infrastructure to digitise merchant payments, collections, and disbursements for e-commerce, remittances, and financial inclusion.
This move comes after the Bank of Ghana introduced the Payment Systems and Services Act (2019) and the National Payment Systems Strategic Plan (2019 to 2024), aimed at creating an enabling regulatory environment that fosters efficient payments, improves financial inclusion and enhances financial innovations.
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“Cross Switch Ghana, as part of the Cross Switch Group of Companies, is excited about this next step of our journey as an EPSP,” said Saqib Nazir, CEO of Cross Switch Ghana. “We expect to contribute significantly to the digital payments ecosystem in Africa and thus contribute to Africa’s development.”
Cross Switch International S.A.R.L., a pan-African focused fintech led by Tim Davis, has developed a state-of-the-art payments platform being deployed across emerging markets, including Africa. It has acquired and established several African technology and payments businesses to support all payment methods used across the African continent
“We have witnessed the evolution of Cross Switch Ghana from a local fintech company to a licensed Enhanced PSP,” said Davis. “With their exceptional team and proven ability to provide relevant value-added services, we believe the company will excel in the fast-moving fintech space.”
Cross Switch’s services will enable merchants and partners to connect and reach out to a wider customer base with state-of-the-art services, making it easier to conduct transactions. The company is expanding rapidly across Africa through green field ventures, partnerships, and acquisitions, with a focus on Western Africa.
Cross Switch recently announced its acquisition of a 50% stake in Vantage Payment Systems, a leading Moroccan fintech providing online payment solutions.
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