Financial Technology Africa FinTech BoG Issues DreamOval Enhanced Payment Service Provider License

BoG Issues DreamOval Enhanced Payment Service Provider License

The Bank of Ghana (BoG) has issued DreamOval Limited, Ghana’s leading Fintech, a substantive Enhanced Payment Service Provider (EPSP) licence certificate. This is on the back of a provisional licence accorded last year.

The Enhanced Payment Service Provider licence emphasises the company’s Fintech status and provides legitimacy for its operations.

The award of the licence certificate follows the passage of the Payment Systems and Services Act, 2019 (Act 987) which mandates all payment service providers to meet a set minimum capital requirements, governance and world-class system standards before operating.

This substantive licence certificate comes as the company, which has now expanded to 5 countries across the continent, readies itself to launch a new bouquet of digital services in line with its core vision of enabling Africa’s growing middle class. The licence allows the fintech to do the following activities: Aggregation of merchant services, processing services, provision of hardware and software, printing and personalisation of EMV Cards, Inward International remittances services, merchant acquiring, POS deployment, and Payment aggregation.

Thomas Swanikier, Board Chairman of DreamOval Limited, said, “This is the beginning of a transformation for the company as we pursue our aggressive expansion plan across Africa.”

The company which is already integrated into 16 of Ghana’s 23 banks, is known for its robust technology platforms. Claud Hutchful, CEO of the company added “The licence bestows an extra layer of confidence to our already trusted reputation. We look forward to bringing value to a lot more local and international partners going forward.”

In 2019, the Bank of Ghana outlined strict requirements for various licence types and permissible business activities with different capital requirements. In addition to this licence, DreamOval has also obtained a PCI/DSS, and an ISO 27001.

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