DreamOval Limited, an African Fintech company, recently obtained its enhanced Payment Services Provider (PSP) Licence from the Central Bank Of Ghana. The payment services act 2019 requires all Fintechs to be licensed by the Bank of Ghana before they can operate in the country.
The Enhanced Payment Services Provider Licence allows DreamOval to aggregate merchant services, process financial services, print and personalise EMV Cards, process inward International remittances, acquire merchants, deploy POS systems and aggregate Payments. DreamOval prides itself on the increased security it provides to customers, clients and partners, as well as its strong internal processes that meet international standards. The licence moves the technology company to the forefront of leading Fintechs in Ghana and Africa.
In the wake of this milestone, CEO of DreamOval, Claud Kweku Hutchful had this to say ’Being licensed by the Bank of Ghana means a lot to the growth of our industry and opens doors to increased security and confidence in digital payments systems. We are very proud that our team has attained one of the highest levels of recognition. We believe that Ghana is fast becoming a hub for fintech in Africa and we are glad to play a major role in the export of Financial technology to other parts of Africa and the world. Financial regulation as we know it is proof of confidence from both regulators and clients.’
Who is DreamOval?
Dreamoval is a leading Ghanaian fintech firm established in 2007 that harnesses the power of technology in processing payments. The company’s aim is to become the largest financial processor of payments in Africa. DreamOval developed an aggregation service that operates several payment wallets in multiple countries and a platform that powers banking software and technology for major banks. The company currently operates in Cote d’Ivoire and Zimbabwe and processes multiple currencies with an annual average of USD 1 billion worth of transactions. DreamOval also enables remittance termination to Africa and allows banks to receive remittances directly to bank accounts and customer’s mobile money wallets.
The company’s ultimate vision is to be a catalyst for development in Africa and other emerging markets by harnessing the power of technology in raising Africa’s middle class through financial empowerment.
What is the PSP Licence?
The Payment System and Service 2019 (Act 987) requires that a Payment Service Provider must be licenced by the Bank of Ghana before operating in Ghana. Without this license, an institution cannot operate a payment system or provide a payment service in the country. The payment service ecosystem is supervised by the FinTech and Innovation Office of the BOG.
Bank of Ghana has various guidelines as to how a company may apply for and get the licence. Based on these laws, all such financial institutions are required to obtain a PSP License to work. This Act applies to:
- a) a bank
- b) a specialised deposit-taking institution
- c) a dedicated electronic money issuer
- d) a payment service provider
- e) an affiliate of a bank, specialised deposit-taking institution or a financial holding company and
- f) an agent of a bank, a specialised deposit-taking institution, a dedicated electronic money issuer or a payment service provider.