Paystack has announced receiving a Payment Service Provider (PSP) enhanced license from the Bank of Ghana. Responsible for facilitating growth and payments for businesses in Africa, the company started operations in Nigeria and established itself as a significant force, experiencing success with over 10 billion naira worth of transactions. In 2018, the venture to Ghana was its first outside Nigeria, as Paystack seeks to show its capacity by taking on challenges in new competitive environments.
The license agreement would open the whole Paystack experience to Ghana. They ensure that merchants and all users on Paystack would enjoy better services and comfortably process transactions securely. Paystack operations will attract investors and businesses worldwide for Ghana, fostering financial inclusion as more users are expected to sign up with the company now in full gear. Growth in the country's economic sector is also expected as a natural implication for increased activities in digital payments.
Paystack eyes expansion beyond West Africa. With targets set on South Africa. The success of operations in Ghana would play a significant role in determining how fast the company will venture into that more competitive market as South Africa is one of the most important markets in the African continent.
Ghana in focus:
Population: 31 million in 2020 as compared to 30 million in 2019
GDP: $72.35 billion compared to $67.23 billion in 2019
GDP per capita: $2,328 in 2020 compared to $2,210 in 2019
