Cross Switch Ghana LTD has been granted approval by the Bank of Ghana to operate as an Enhanced Payment Service Provider (EPSP), according to a joint statement released by Cross Switch Ghana LTD and Cross Switch International S.A.R.L. As an EPSP, Cross Switch Ghana is set to digitise merchant payments, collections and disbursements for e-commerce, remittances as well as for financial inclusion.
“The payments space in Ghana has been growing since the Bank of Ghana introduced the Payment Systems and Services Act (2019) and the National Payment Systems Strategic Plan (2019-2024) to create an enabling regulatory environment which fosters efficient payments, improves financial inclusion and enhances financial innovations”, the statement said. Cross Switch Ghana is looking to provide innovative solutions to the challenges that emerging markets face and expects to contribute significantly to the digital payments ecosystem in Africa.
Cross Switch International S.A.R.L. is a pan-African focused fintech with extensive knowledge and experience managing payment systems across emerging markets. Cross Switch has acquired and established a number of African technology and payments businesses and its technology supports all payment methods utilised across the African continent. Cross Switch has established and invested in companies in Benin, Egypt, Ghana, Kenya, Morocco, Nigeria and South Africa.
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“We have witnessed the evolution of Cross Switch Ghana from a local fintech company to a licensed Enhanced PSP”, said Cross Switch’s CEO Tim Davis. “Sharing a common set of values and a common mission to democratize technology and drive social impact across Africa. 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 Ghana’s CEO Saqib Nazir, said: “Cross Switch Ghana, as part of the Cross Switch Group of Companies, is excited about this next step of our journey as an EPSP. We look forward to tapping into the Group’s knowledge base and expertise to provide innovative solutions to the challenges that emerging markets face. We expect to contribute significantly to the digital payments ecosystem in Africa and thus contribute to Africa’s development”.
