The Bank of Ghana (BOG) has awarded a local Fintech, Brassica Pay Limited, a Payment Service Provider Licence in the Enhanced Category.
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 Issuers to participate and contribute in Ghana’s payment ecosystem.
Brassica Pay Limited is a wholly Ghanaian-owned company led by its CEO Mary Boateng-Coleman.
Brassica Pay Limited, seeks therefore to financially empower its everyday customer by allowing them to seamlessly aggregate funds, enabling them to make quick, smart and better informed financial decisions through the Brassica Pay Payments Platform.
Brassica Pay Limited is set to launch in 2022.
The PSP Enhanced License supports the provision of services including Mobile Payments, Bulk Payments, Termination of Inward Remittances, and Electronic Funds Transfers.
It also provides 3rd Party Payment Gateways, Merchant Acquisitions, and Aggregation, among others.