Cross Switch Ghana receives approval from Bank of Ghana to operate as an EPSP

By Leandra Monteiro

Cross Switch Ghana LTD, and Cross Switch International S.A.R.L. announced that Cross Switch Ghana LTD has obtained approval from the Bank of Ghana to operate as an Enhanced Payment Service Provider.

As an EPSP, it is set to leverage its payments and technology infrastructure to digitise merchant payments, collections and disbursements for e-commerce, remittances as well as for financial inclusion.

The payments space in Ghana has been growing 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 which fosters efficient payments, improves financial inclusion and enhances financial innovations. Concurrently, there has been strong growth in mobile money as well as other payments mechanisms.

Saqib Nazir, CEO of Cross Switch Ghana said, “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.”

Cross Switch’s CEO, Tim Davis, shared, “We have witnessed the evolution of the company from a local fintech company to a licensed Enhanced PSP. Sharing a common set of values and a common mission to democratize technology and drive social impact across Africa. With their exceptional team and proven ability to provide relevant value-added services, we believe the company will excel in the fast-moving fintech space.”

Cross Switch International S.A.R.L., led by Tim Davis, is a pan-African-focused FinTech with extensive knowledge and experience managing payment systems across emerging markets.