The fintech company Cross Switch International S.A.R.L. and Cross Switch Ghana LTD have revealed that it has received approval from the Bank of Ghana to operate as an Enhanced Payment Service Provider (EPSP).
As a company offering EPSP services, Cross Switch Ghana aims to use its technology and payment infrastructure to digitize merchant payments, collections, and disbursements for e-commerce, remittances, and financial inclusion.
Since the Bank of Ghana enacted the Payment Systems and Services Act (2019) and the National Payment Systems Strategic Plan (2019-2024), the payments space in Ghana has expanded. These acts provide for a more enabling regulatory environment that promotes efficient payments, boosts financial inclusion, and encourages financial innovations.
Meanwhile, the use of other forms of money transfer, especially mobile money, has increased dramatically. Cross Switch Ghana’s services meet the rising need for cutting-edge innovations among merchants by providing them with a solid foundation upon which to build and expand their consumer base.
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Mr Saqib Nazir, CEO of Cross Switch Ghana, stated, “Cross Switch Ghana, as part of the Cross Switch Group of Companies, is delighted about this next phase of our journey as an EPSP. We look forward to tapping into the Group’s knowledge base and expertise to bring new solutions to the challenges that developing markets encounter. We intend to contribute considerably to the digital payments ecosystem in Africa and hence contribute to Africa’s development.”
“We have observed the transformation of Cross Switch Ghana from a local fintech firm to a licensed Enhanced PSP,” said Tim Davis, CEO of Cross Switch. Our shared beliefs and goals unite us in our efforts to expand access to technology and increase positive social change across Africa. We are confident in the company’s success in the dynamic fintech industry because of its exceptional team and track record of providing valuable additional services.
Cross Switch International and Cross Switch Ghana’s payment services
Cross Switch International S.A.R.L., led by CEO Tim Davis, is a pan-African financial technology firm with extensive expertise in managing payment systems in developing countries. The firm has a state-of-the-art payment platform (CS+) utilized in many other regions, not only in Africa. Cross Switch has acquired and created a number of African technology and payment startups.
The company enables both African and international businesses to send and receive funds into and out of Africa and within the continent, regardless of the payment method utilized. Cross Switch has established and invested in companies throughout Africa, including in nations like Benin, Egypt, Ghana, Kenya, Morocco, Nigeria, and South Africa. Having a primary focus on the Western side of the continent, it is quickly growing via new initiatives, collaborations, and acquisitions.
Cross Switch Ghana provides core and middleware infrastructure to financial service providers as well as digital payment solutions to merchants to support commercial transactions. The company’s main objective is to aid companies in handling consumer payments by offering numerous options.