Eganow, a Ghana-based fintech, has achieved a significant milestone—the company has been granted an Enhanced Payment Service Provider license by the Bank of Ghana. 

“As a company, we have always wanted to address the needs of the growing working adult population who are often excluded from essential financial services. I’m excited because this license enables us to do just that,” said Louis Amenyo Adanuty, the CEO of Eganow.

With this license, Eganow can now provide a comprehensive suite of financial services, such as facilitation of international remittance services, merchant service aggregation, processing services, printing personalized EMV cards, and deployment of POS solutions.

In addition, the company can establish collaborative partnerships with financial institutions and holders of lower-level licenses, such as PSP Medium and PSP Standard licenses to carry out their financial activities.

According to recent data, despite the growing mobile penetration, an alarming 300 million working adults across Africa continue to face barriers in accessing basic financial services such as insurance, credit, mortgages, and investments because traditional banks often overlook this demographic, and Adanuty is confident that this longstanding challenge is about to change.

The company is set to launch its Eganow app later this year— a major step towards transforming both the local and international financial services sector.

“We are on a mission to connect the unbanked and the growing young population with our technology and bring financial inclusion to millions,” he said.

For more than a decade, the technology solutions offered by Teksol—Eganow’s parent company— have played a pivotal role in shaping the financial services landscape in Ghana and several other African countries. Currently, Teksol’s products power the operations of over 100 financial institutions in Ghana and beyond.