appsNmobile Solutions, a fast-growing Ghanaian payment service aggregator, has received a Payment Service Provider Enhanced License from the Bank of Ghana.
The award of the license follows the passage of the Payment Systems and Services Act, 2019 (Act 987) which mandates all payment service providers to meet a set minimum capital requirements, governance and system standards before operating.
The Chief Executive Officer of appsNmobile Solutions, Richard Bansah expressed optimism about the future and the Fintech ecosystem in the country following its license from the Central Bank.
He added that the licensing regime will attract confidence and trust for the payment service providers. This, according to him, “will enable payment service providers develop innovative products in partnership with banks and other licensed companies to promote financial inclusion and ensure that end users are the winners at the end of the day. Today, there are many merchant points where mobile money is accepted, reducing the need to take cash out to make same payments.”
In its quest to maintain a sound financial system, foster financial inclusion and innovation, protect the safety, security and stability of the financial sector, the Bank of Ghana redefined the categories and permissible activities for the financial technology companies with PSP Enhanced license holders allowed only to perform aggregation of merchant services, processing services, provision of hardware and software, printing and personalization of EMV Cards, to terminate inward international remittances services, merchant acquiring, POS deployment and payment aggregation.
About appsNmobile Solutions Limited
appsNmobile Solutions Limited was founded in 2015 and has since evolved from software development to a leading payment aggregation solutions provider in Ghana.
Its innovative products have become market-leading solutions. Today, the Company works with banks to enable them deliver solutions to their corporates, carving a place as a market leader in the payment services space. Some of the Company’s leading solutions include;
Orchard: This is the centerpiece of our payment gateway. A robust platform designed in-house that allows mobile money and cards payments functionalities. Integration to this platform enables businesses to send or receive funds seamlessly from their own systems or applications. All mobile money transactions on the platform go through the OneWallet virtual account with the Telcos.
VPOS: This is a complex USSD-enabled payment app carefully designed with specific dynamic menus for churches, hospitals, schools, OMCs and general merchants. Each merchant is given a unique USSD Short Code extension. Entities with multiple branches/locations can each receive their transaction notification. Meanwhile, the Head Office of the entity that has been set up on the platform has access to a portal to view all transactions by branch across the entire organisation.
Agropay
Farmers or cooperatives can be enrolled onto this platform by Licensed Buying Companies or agribusinesses. It enables organised purchase of produce or items by field officers or purchasing clerks. Reports clearly show funds disbursed and products received in return, including any discrepancies thereof. Allocation of funds can be controlled from a centralised portal to reduce losses.
Trickles
The leading e-commerce app on the Ghanaian market that enables customers shop with ease with the added flexible option of installment payment plans. The app will soon provide subscribers flexible micro insurance and financial services in partnership with key industry players.
The post appsNmobile receives BoG’s enhanced payment service provider license appeared first on Citinewsroom - Comprehensive News in Ghana.
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