Hubtel, one of Ghana’s leading payment providers, quick commerce, and messaging technology company, has received a full and final license from the Bank of Ghana (BoG) to operate as an Enhanced Payment Service Provider.
This new license is in fulfilment of Bank of Ghana’s directive in September 2019, in which the Central Bank of Ghana, in a notice to banks and non-bank financial institutions, indicated the need for institutions such as financial technology companies to provide the legal and regulatory framework for the orderly development of payment systems in Ghana.
Subsequent to the directive, Hubtel applied to be licensed, among the pioneering companies to fill the emerging space and was later granted initial approval to operate as an enhanced payment service provider by the Bank of Ghana in August 2020. The Bank of Ghana has now issued the final license called the enhance payment service provider license.
The General Manager of Hubtel, Ernest Apenteng, while commenting on the new license, expressed his excitement over the new license. He said, “We are indeed happy to receive our final operating license from the Bank of Ghana. For us this occasion is a major comfort and milestone for the leadership at Hubtel.”
The License is Important to the Image of the Company
According to the General Manager, the issuance of the final license is significant to the company as it confirms that Hubtel’s payment processing operations are compliant with the standards of the Central Bank of Ghana, and thus permits it to continue to provide enhanced payment services and innovative solutions to the general public.
Mr Ernest Apenteng added that the enhanced payment service provider license will enhance the reputation of the company and also attract customers to transact with the company.
“We will continue to show the commitment and belief in Ghana’s emerging digital economy. Our clients, customers, partners and indeed our regulators should trust, and be rest assured that this company will continue to serve Ghanaians. Hubtel intends to remain compliant with all regulations that govern our operations, this already is, and will remain a responsibility of all staff and stakeholders of Hubtel”.
Mr Ernest Apenteng
Mr Apenteng disclosed that it is not only the Bank of Ghana that has given the license to the company, but also other authorities. He thus, said, “Hubtel was notably licensed by the National Communications Authority, certified by the Data Protection Authority and is registered with the Financial Intelligence Centre.”
The General Manager indicated that the company was also certified as compliant with Payment Card Industry Data Security Standards and ISO 27001 Information Security Management Standards
Meanwhile, the company continues to expand its operations across the country. Hubtel expanded its operations to the people of Cape Coast after a successful launch in 4 of Ghana’s major cities such as: Accra, Tema, Kumasi, and Takoradi. Since 2005, Hubtel has become Ghana’s most successful indigenous technology company with significant market shares in payment processing, messaging and e-commerce.