IT Consortium (ITC), one of the leading FinTech firms in the country, has received the approval of the Bank of Ghana (BoG) to extend its services to cover a wide reach of the country’s payment ecosystem, with the acquisition of an enhanced Payment Service Provider (PSP) license.
The new license, which is the highest license within the PSP category, follows the passage of the Payment Systems and Services Act, 2019 (Act 987) which creates an enabling regulatory and supervisory framework for non-bank entities such as FinTechs to participate in Ghana’s payment ecosystem.
The latest development will now enable ITC to pursue services in merchants’ aggregation, print personalized EMV Card, deploy POS solutions, facilitate International remittance services and payment aggregation among many other services.
This will be an addition to its provision of financial technology solutions in areas such as
insurance, investments, pensions, loans among others, while being able to plug in through IT Consortium’s systems to provide these services under its direct supervision.
The Managing Director of ITC, Romeo Bugyei, said the license is a big boost to IT Consortium’s innovation drive as it boldly develop verticals around their TransFlow payments orchestration platform, fully assured of the regulator’s backing.
He explained that this also means that companies which partner with ITC can be confident that they have a partner who has passed the critical scrutiny of the Central Bank of Ghana.
Mr. Bugyei noted that ITC has a strategic focus to reduce fraud by building a fraud engine
powered by Artificial Intelligence, which tracks fraud patterns to greatly minimize fraud
activities in their ecosystem. As the financial ecosystem matures, it is important to instil
confidence in patrons, and one thing which can facilitate this is the elimination of fraud. As more businesses move into using digital payments, due to the COVID-19 pandemic, IT
Consortium’s payment service will continue to enable both private business and government agencies to safely deploy their services online.
“IT Consortium currently has operations in Liberia, Kenya and Zambia and the BOG license will boost our credibility as we continue our expansion drive across Africa,” Mr. Bugyei said.
IT Consortium is one of Africa’s leading financial services technology solutions providers and was the first Ghanaian FinTech to obtain the ISO/IEC 27001:2013 certification in addition to its Payment Card Industry Data Security Standards (PCI-DSS) certification.
The enhanced PSP license is further evidence of the company’s position as a market leader
within the FinTech space and its commitment to providing innovative systems that offer
competitive advantages to its clients.
The post BoG grants IT Consortium enhanced Payment Service Provider license appeared first on The Business & Financial Times.
Read Full Story
Facebook
Twitter
Pinterest
Instagram
Google+
YouTube
LinkedIn
RSS