The Bank of Ghana (BoG) has granted an operating licence to Hubtel.
The receipt of the licence allows the payment, quick commerce, and messaging technology company, to now fully operate as an enhanced payment services platform.
In September 2019, the BoG, in a notice to banks and non-bank financial institutions, stated the need for institutions such as financial technology companies to “provide the legal and regulatory framework for the orderly development of payment systems in Ghana.”
A release by the company said Hubtel applied to be licenced among the pioneering companies to fill this emerging space and was granted initial approval to operate as an enhanced payment service provider by the Bank of Ghana (BoG) in August 2020.
Compliance with standards
The General Manager of Hubtel, Ernest Apenteng, in the release said the issuance of the final licence by the BoG was significant as it confirmed that Hubtel’s payment processing operations were compliant with the standards of the central bank and thus permited it to continue to provide enhanced payment services and innovative solutions to the general public.
“We are indeed happy to receive our final operating licence from the BoG, For us this occasion is a major comfort and milestone for the leadership at Hubtel.
“It also shows our commitment and belief in Ghana’s emerging digital economy.”
He said: “Our clients, customers, partners and indeed our regulators should trust, and rest assured, that Hubtel intends to remain compliant with all regulations that govern our operations, this already is, and will remain, a responsibility of all staff and stakeholders of the company.”