Ipay. Accra, Ghana. This will allow the market to grow and support . Promoters or existing payment service providers are required to submit a formal application in line with the requirements under the Payment Systems and Services Act 2019 (Act 987) to the following address: The Governor. Improvements in technology, coupled with growing demand for digital payment methods, are increasingly reshaping the way payments are made. It was incorporated in May 2007 with a mandate to implement and manage interoperable payment system infrastructures for banks and non bank financial institutions in Ghana. The Ghana Interbank Payment and Settlement Systems Limited (GhIPSS) is a wholly owned subsidiary of the Bank of Ghana. Vodafone Ghana. Step 2. Hubtel What Is An Online Payment System? . retail, travel, gaming), market span, technical set-up and payment needs. IPay makes it easier enabling individuals and businesses to accept and make payments for a variety of services in Ghana. iPay incorporates all modes of payment. 1. Airteltigo Ghana. We NEVER store your full card details on our systems or databases. 3. iPay is one of the online payment platforms in Ghana. Better financial position of your organisation or entity through increased business. The emergence of new payment streams, institutions such as financial technology companies and the general acceptance of electronic money have necessitated the enactment of the Payment Systems and Services Act, 2019 (Act 987) to provide the legal and regulatory framework for the orderly development of the payment system. Online Payment systems are digital payment gateway providers. What is a Payment Service Provider A payment service provider (PSP) refers to a third-party solution that enables businesses to accept a variety of online payment methods by connecting them to the broader financial system. DPO Group is a Payment Gateway in Ghana and our innovative payment solution is designed with growth in mind. PAYMENTZ Platform is a robust and global White Label Payment Gateway to enable fast and easy processing for acquirers, payments service providers (PSPs) and independent sales organizations (ISOs). What happens if a payment service provider fails? For further enquiry, please contact the following: The Head This means that all existing Payment Service Providers, Electronic Money Issuers . The customer purchases the goods or services from a merchant and pays with his/her card. Vodafone. Interswitch provides payment services to businesses and individuals wishing to receive payment and to cardholders wishing to pay for goods and services over the internet. PayU PayU is a leading online payment service provider that creates a secure and reliable payment process for merchants and buyers in Kenya and other select countries in the Middle East, Asia, Eastern Europe and Africa. The acquisition of the license, which is the highest license within the PSP category, follows the passage of the Payment Systems and Services Act, 2019 (Act 987) which creates an enabling regulatory and supervisory framework for . One of the functions of BOG is to promote the safety and soundness of all payment, clearing and settlement systems. Guilty corporate entities face a fine of no less than 300% of the proceeds of the crime." 14 In summer 2021, Ghana was removed from the Financial Action Task Force's "grey list." 15. Section 7 - Operation as a payment service provider; Section 8 - Application for a payment system licence; Section 9 - Carrying on payment service business without a licence . Clydestone also provides vital services like Global switch(G-Switch), G-secure . In September 2019, the Bank of Ghana, in a notice to banks and non-bank financial institutions, stated the need for institutions such . We use cookies to enhance your user experience. For Ghanaian Service Providers: Apply directly to join our Business Service Providers' (BSP) directory to be featured as a service provider or contact us at [email protected]; Tel: +233 (0)30-274-1870 for more information. The Bank of Ghana instructed banks to report how much interest they were paying on current accounts. The Bank of Ghana (BOG) has awarded a local Fintech, Brassica Pay Limited, a Payment Service Provider Licence in the Enhanced Category. This means you won't be able to access your money in the usual way. Membership Benefits. The following is a list of notable online payment service providers and payment gateway providing companies, . Business News of Friday, 2 April 2021. What Is a Payment Service Provider (PSP)? The Payment Systems Act applies to banks, specialised deposit-taking institutions, Payment Service Providers, Dedicated Electronic Money Issuers, and their affiliates and/or agents. PROVIDERS. The company offers a single API for easy integration with all popular platforms like WordPress and Magento. Try Shopify for free, and explore all the tools and services you need to start, run, and grow your business. It offers a simple, safer and speedy way to pay and get paid online, in-store and via local devices in local currencies. This is the fastest and safest means of receiving and sending money like using mobile like Mpower services. Its innovative products have become market-leading solutions. Payment processors handle the entire payment transaction to ensure merchants get paid. Vodafone Ghana is a subsidiary of Vodafone Group Plc, which entered the country after purchasing the national telecommunications network, Ghana Telecom. In contrast to merchant services provider, a payment service provider is often an aggregator in relation to merchants in its portfolio. The platform supports all major international card networks including Visa, American Express, Discover, MasterCard, and others. The Payment Service Provider detects the appropriate credit card network and connects to it on the merchant's behalf. In line with its mandate, GhIPSS has implemented and . A third party that facilitates and helps merchants in the accepting of payments, also known as a Merchant Services Provider or PSP. The company is the first to have been granted the Bank of Ghana Payment Service Provider (Enhanced) License. Following the successful adoption of SEPA . Nsano has become the first company to have been granted the Bank of Ghana Payment Service Provider (Enhanced) License. Bank of Ghana 1 Thorpe Road. The Circular was released further to the CBN Circular on New license categorisation for the Nigerian Payment System dated . What does payment service provider mean? Below are their prices. Fintech and payments: regulating digital payment services and e-money1 Executive summary This paper explores how non-bank payment service providers (NBPSPs) are regulated. It has been playing the role of an aggregator in connecting various entities to the nation's mobile money operators. Offer more payment options to your customers. In Ghana, Payment Service Provider (abbreviated as PSP) licenses are regulated and issued by the Bank of Ghana (BOG) under the Payment Systems and Services Act 2019 (Act 987). Interpay 6. myghpay 7. iPay 8. theteller 9. Pursuant to Section 4(1)(e) of the Bank of Ghana Act, 2002 (Act 612) as amended, Section 2(3) of the Foreign Exchange Act, 2006 (Act 723) and Section 10(2) (i) of the Payment Systems and Services Act, 2019 (Act 987), the Bank of Ghana hereby issues these Guidelines for the regulation of inward money transfer services provided by DEMIs and EPSPs . The Bank of Ghana (BoG) has released the list of regulated companies approved to operate as electronic money issuers and payment service providers for business transactions in the country. The Bank of Ghana (BoG) has extended the deadline for meeting the new minimum capital requirements by 6 months. P.O. Be associated with the umbrella body of all environmental services providers in Ghana. as well as mobile money services. 1.3. The license acquisition follows a rigorous approval process by the regulator, guided by the Payment Systems and Services Act, 2019 (Act 987) which seeks to create an enabling Regulatory and Supervisory Framework for Payment Services and Electronic Money . Some of the best-known payment service providers in the UK include: Adyen Braintree PayPal Stripe To work out which payment service provider is best for your business, you should consider the cost, flexibility, and speed offered by each provider. Payment service providers act on behalf of merchants and are paid by merchants for their services. 4. iPay It is an innovative payment processing and gateway provider in Africa. These digital payment channels are being used for Payment to Government (P2G, B2G), Government Payments (G2P, G2B), Business to Business (B2B), Merchant and Retail Payment (P2M), Public Utility Payments, and Person-to-Person (P2P) payments. 41 the reviewed literature suggests that health care providers preferred a ppm that had a higher payment rate compared to one whose rate was low on average. Established in 2010, HyperPay has become the fastest-growing online payment service provider for the Middle East and North Africa (MENA) region. To do this, they typically provide merchants with a merchant account and a payment gateway that allows businesses to accept their payments. Among other aspects, our matching is based upon your vertical (e.g. A web merchant can receive online payment from cardholders via Interswitch WebPay or Webpaydirect. 2. Be smart, save time, and put our payment experts to work. They include five dedicated electronic money issuers and 21 payment service providers. The Bank of Ghana has awarded the first-ever Payment Service Provider (Enhanced) License to one of the nation's foremost financial Nsano receives Payment Service Provider license from Bank of Ghana Sunday, May 15, 2022 This article provides the steps to be taken to set-up and successfully launch a FinTech company in Ghana. The Regulatory Framework. Payments Service Providers in Ghana Work with payment providers that are considered safe and cover the needs of all geographies of your interest. There is a $350 fee for the BSP Directory service. DPO 10. PayPal Founded in 1999, both MasterCard and credit card payments can acknowledge it, and is free for buyers, while merchants need to pay transition fees while using PayPal for Visa payments. 3. Surprisingly, banks reported a range of 1.5%-7%. This range was ultimately set as the floor and ceiling in individual negotiations between EMIs and banks. A company is not supposed to operate any payment . The fintech firm already offers merchant payment solutions and remittance services in the country. GHANA HEALTH SERVICE AND TEACHING HOSPITALS ACT, 1996 (ACT 525) 1996: COPYRIGHT ACT, 2005 (ACT 690) 2005: STOOL LANDS BOUNDARIES SETTLEMENT (REPEAL) ACT, 2000 (ACT 587) 2. DPO Group is a registered Payment Service Provider and is working with the Bank of Ghana (BoG) to obtain an enhanced PSP license under the Payment Systems and . Payment Systems and Services Act, 2019 (Act 987) to provide the legal and regulatory framework for the orderly development of the payment system. How can an entity become a payment service provider? Paystack. The Central Bank collects statistics on payments, from payment service providers and payment system operators, in common with all other euro area central banks to have a perspective on developments in retail payments both within Ireland and more generally in Europe and to inform retail payments policy. One of the functions of BOG is to promote the safety and soundness of all payment, clearing and settlement systems. To operationalize Act 987, the Bank of Ghana hereby provides the minimum capital requirements, permissible activities and fees for all categories of payment service providers and financial technology . Ipay supports Visa/MasterCard, GH-link enabled card and mobile wallet. Enjoy brand positioning as responsible business entities. The Bank of Ghana (BOG) has granted one of the country's leading FinTech companies, IT Consortium Limited (ITC), an enhanced Payment Service Provider (PSP) license. Flutterwave 5. Source: www.ghanaweb.com 2021-04-01 Ghana's Central Bank releases list of approved e-money issuers, payment service providers +254 709 947 947 [email protected]. In online shopping, the PSP will provide various methods of payment including direct debit, bank transfer, real-time bank transfers using online banking, and credit card. Compared to MTN, Vodafone was relatively late in adopting 4G connection support. ExpressPay is a payment gateway provider in Ghana that allows you to make bill payments (Surfline Internet, hotel bills, BoxOffice, DStv, and GOtv services) and buy airtime for all the major telcos. The Bank of Ghana This means that all existing Payment Service Providers,. Read below about payment service provides, online payments And payment gateway services in Us. Business News of Thursday, 1 April 2021. Paystack 2. Voice and data service is relatively . HUBTEL, GHANA'S leading payments, quick commerce, and messaging technology company, has received a full and final licence from the Bank of Ghana (BoG) to operate as an enhanced payment service provider (EPSP). Tanzania, India, Lesotho, DRC, Ghana, Mozambique, Egypt: Mir: Russian Federation, South Ossetia, Turkey, Armenia, Kyrgyzstan: MPay: Thailand: Nagad: . Mastercard, Visa etc. Busy internet believes in making browsing for individuals and companies less expensive and faster with their 4G services. For an e-commerce business, iPay is very easy to integrate on your website. Services of payment service providers are more popular in industries, where it is more difficult for merchants to get merchant accounts directly (high-risk). Clydestone is one of the oldest running payment system service providers in Ghana. 1. Here is last information associated with organization - payment service providers on 2022-05-12, it consists of 36 articles Payments as a service; Ripple (payment protocol) References This page was last . The Bank of Ghana (BoG) has extended the deadline for meeting the new minimum capital requirements by 6 months. Busy Internet. MTN Ghana. Online payment gateways and payment provider integrations. Ipay. Adyen: an independent global multichannel payment company offering businesses a . Telesol Data Prices READ ALSO: Rent a house in Ghana Our service - free of charge - allows you to get your short list of Payment Service Providers specifically matched to your business profile. A company is not supposed to operate any payment . 2019 (Act 987)and the publication of Notice number BG/GOV/SEC/2020/07 on Licensing Application Pack for Payment Service Providers, the Bank of Ghana announces for the information of the general public that the institutions listed below have received regulatory approval to operate as payment service providers: Telesol The Telesol fixed broadband service is a good network you can use for stable internet. iPay is Ghana's leading payments and business management solution enabling businesses and individuals to reach their potential by simplifying their payments, . theteller is a payment platform solution brought to you by PaySwitch Ltd., a Ghanaian company established in 2015 by Kojo Choi. Try Shopify free for 3 days, no credit card required. . In Ghana, Payment Service Provider (abbreviated as PSP) licenses are regulated and issued by the Bank of Ghana (BOG) under the Payment Systems and Services Act 2019 (Act 987). It is hard to do a comparison of online payment systems without mentioning Ipay. There is Interoperability between all financial service providers in Ghana, facilitated through GhIPSS Instant Pay, a platform for instant payments across bank accounts and mobile wallets. However, Vodafone is the go-to internet service provider in Ghana for many due to affordability. Alhassan Unus Principal Consultant (SMILE Ghana)& BUSAC accredited Business Service Provider There is no doubt that the greatest asset of any country is its citizens because their general well . 5. Whether you are selling on your online store, a mobile app , a subscription service or testing out your business idea, iPay gives you the power to receive payments from your customers . Available payment providers 2Checkout Convert Plus (by Verifone) APS - Amazon Payment Services BitPay Coinbase Commerce Credit / Debit Card - Mint Credit/Debit Card Payments via Paynamics FasterPay NihaoPay Oceanpayment ONERWAY Payflex Paymentwall Paystack PayTR - Kredi / Banka Kart Payzone Maroc PingPong Checkout Rapyd Payments Skrill VoguePay wallet payment: You can use the funds in your VoguePay account to make payments but a 1% fee applies to every transfer. PayStack is one of the most popular payment gateways at the moment. 2. On 24th May, 2021, the Central Bank of Nigeria ("CBN") issued a new circular on the licensing requirements for Payment Service Providers ("PSP"), indicating a definite resolve by the apex bank to regulate the sector. The Central Bank of Ghana has released the list of companies licensed and approved to operate as electronic money issuers and payment service providers for business transactions in the country. 2Checkout.com: an online payment processing service that helps customers accept credit cards, PayPal and debit cards. Payment service providers facilitate payment transactions between eCommerce and mCommerce merchants and their customers. Bank of Ghana The companies which are regulated by the Bank of Ghana include five dedicated electronic money issuers and 21 payment service providers. The speed is great and they have a very simple pricing method that works for most people. 4. Step 4. The platform, includes merchant API, documentation and merchant login sites, which can be fully rebranded to match your brand. 4. We process refunds almost immediately. BOX GP 2674. If you are using a non-bank payment service provider, you will have to contact the liquidator or administrator of the firm, who will be . 23, 27 - 31, 33, 37, 38 sufficiency of payments to cover the cost of services was The Chief Executive Officer (CEO) of Ghana National Chamber Pharmacy, Mr. Anthony Ameka explains that the late payment of claims is contributing to the high cost of healthcare in the country . payment rates act as the starting point for negotiations between health care providers and purchasers. Download. From Shopify Payments to integrations with over 100 other payment providers around the world, we've got you covered. appsNmobile Solutions Limited was founded in 2015 and has since evolved from software development to a leading payment aggregation solutions provider in Ghana. Leading payment service providers in Us. In the case of violations of the Act, guilty persons are subject to a fine no less than 100% and no greater than 500% of the proceeds of the crime. 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