IT Consortium receives enhanced Payment Service Provider license from BOG

The Bank of Ghana (BoG) has granted IT Consortium Limited — a financial technology company operating in the country — an enhanced Payment Service Provider (PSP) license.

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 non-bank entities, including financial technology companies, to participate in Ghana’s payment ecosystem.

Aside providing financial technology solutions in areas such as insurance, investments, pensions, loans, among others, the license will also enable IT Consortium to pursue services in merchants’ aggregation, print personalised EMV Card, deploy POS solutions, facilitate international remittance services and payment aggregation among many other services.

The license further allows other companies to plug in through IT Consortium’s systems to provide these services under its direct supervision.

Innovation drive
On what the license meant to IT Consortium, the Managing Director, Mr Romeo Bugyei, said the license was a big boost to the company’s innovation drive as it boldly developed verticals around their TransFlow payments orchestration platform, fully assured of the regulator’s backing.

This also means that companies which partner with IT Consortium can be confident that they have a partner that has passed the critical scrutiny of the BoG.

He also indicated that ITC had a strategic focus to reduce fraud by building a fraud engine powered by artificial intelligence, which tracked fraud patterns to greatly minimise fraud activities in their ecosystem.

As the financial ecosystem matures, it is important to instil confidence in patrons and one thing which can facilitate this is the elimination of fraud.

As more businesses move into using digital payments due to the COVID-19 pandemic, ITC’s payment service will continue to enable both private business and government agencies to safely deploy their services online.

“IT Consortium currently has operations in Liberia, Kenya and Zambia, and the BoG license will boost our credibility as we continue our expansion drive across Africa.

“It is one of Africa’s leading financial services technology solutions providers and was the first Ghanaian financial technology outfit to obtain the ISO/IEC 27001:2013 certification in addition to its Payment Card Industry Data Security Standards (PCI-DSS) certification,” Mr Bugyei said.

He added the enhanced PSP license was further evidence of the company’s position as a market leader within the financial technology space and its commitment to providing innovative systems that offered competitive advantages to its clients.

IT Consortium
IT Consortium Limited is a wholly owned Ghanaian company that adapts technology to create systems which provide clear competitive advantages for customers.

With a broad client base within the financial, education, government/public and communication sectors, it combines its experiences across these industries to provide potent solutions to drive financial technology and financial inclusion innovations.