The Bank of Ghana (BOG) has given green light to one of the country’s leading FinTech companies, IT Consortium Limited (ITC), an enhanced Payment Service Provider (PSP) license.
The acquisition of the license, which is now the highest license within the PSP category, follows the passage of the Payment Systems and Services Act, 2019 (Act 987), creating an enabling regulatory and supervisory framework for non-bank entities such as FinTechs to participate in Ghana’s payment ecosystem.
Apart from providing financial technology solutions in areas such as insurance, investments, pensions, loans among others, the license will also 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.
The license further allows other companies to plug in through IT Consortium’s systems to provide these services. And this will be under the direct supervision of ITC.
Speaking on what the license means to ITC, Managing Director of the company, Mr. Romeo Bugyei said the license is a big boost to IT Consortium’s innovation drive as they boldly develop verticals around their TransFlow payments orchestration platform, which is fully assured of the regulator’s backing. Again, it 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.
He further indicated 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 within their system. As the financial ecosystem matures, it has become important to instill confidence in patrons, and one thing which can facilitate this is the elimination of fraud.
As more businesses resort to using digital payment systems for transaction, largely enabled by the outbreak of the coronavirus pandemic, IT Consortium’s payment service will continue to enable both private businesses 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.
About IT Consortium
IT Consortium comes in as one of Africa’s leading financial services technology solution 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.
It is a wholly owned Ghanaian company that adapts technology to create systems which provide clear competitive advantages to customers.
With a broad client base within the financial, education, government/public and communication sectors, it combines experiences across these industries to provide potent solutions to drive FinTech and financial inclusion innovations.
