Cross Switch Ghana LTD, a Ghanaian fintech startup, and its parent company, Cross Switch International S.A.R.L., have announced that Cross Switch Ghana LTD has received approval from the Bank of Ghana to operate as an Enhanced Payment Service Provider.
The payment firm plans to use the EPSP approval to leverage its payments and technology infrastructure to digitize merchant payments, collections, and disbursements for ecommerce, remittances, and financial inclusion.
Confirming the development, Saqib Nazir, CEO of Cross Switch Ghana 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.”
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 that fosters efficient payments, improves financial inclusion, and enhances financial innovations, the payments space in Ghana has grown. Concurrently, mobile money and other payment mechanisms have seen rapid growth.
Merchants are increasingly looking for services that are innovative, robust, and scalable, such as those offered by Cross Switch Ghana. These services will allow merchants and partners to connect and reach a larger customer base with cutting-edge services.
About Cross Switch
Cross Switch International S.A.R.L. is a pan-African fintech company led by Tim Davis with extensive knowledge and experience managing payment systems in emerging markets.
The company has created a cutting-edge payments platform (CS+), which is being used in Africa and other markets. Cross Switch has purchased and established a number of African technology and payment companies. Its technology is compatible with all payment methods used on the African continent. Allowing local and international merchants to send and receive money within their own markets, across Africa, and into and out of the continent.
Cross Switch has set up and invested in businesses in Benin, Egypt, Ghana, Kenya, Morocco, Nigeria, and South Africa. It is rapidly expanding across Africa through greenfield ventures, partnerships, and acquisitions, with a particular emphasis on Western Africa. Cross Switch recently announced the purchase of a 50% stake in Vantage Payment Systems, a leading Moroccan fintech that offers online payment solutions.
Tim Davis, CEO Cross Switch on his part said “We have seen Cross Switch Ghana grow from a local fintech firm to a licensed Enhanced PSP. Sharing a set of values and a mission to democratize technology and drive social impact throughout Africa. We believe the company will excel in the fast-paced fintech space due to their exceptional team and demonstrated ability to provide relevant value-added services.”