appsNmobile Solutions, a fast-growing Ghanaian payment service provider, has been licensed as a Payment Service Provider Enhanced (EPSP) by 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 licence from the Central Bank.
He added that the licensing regime will attract confidence and trust for the payment service providers.
This, according to him, “it 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 2019, the Parliament of Ghana passed the Payment Systems and Services Act (Act 987) that regulates the activities of companies in the electronic payment space.
As part of its implementation, the Bank of Ghana defined licensing requirements for all players and also categorised them into various licence types and permissible business activities with different capital requirements.
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 centrepiece of the Company’s payment platform that allows mobile money and card payments functionalities. Integration to this platform is via a single integration, enabling 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 generated on the portal clearly show funds disbursed and products received in return, including any discrepancies thereof. Allocation of funds can be controlled from the 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, including a hire purchase and bank financing options. The app will soon provide subscribers flexible micro insurance and financial services in partnership with key industry players.