Paystack Ghana has received a new license to continue helping businesses in Ghana grow.
Nigerian-based fintech, Paystack has been granted a Payment Services Provider (PSP) Enhanced license by the Bank of Ghana. The licence, the highest level in the PSP category, permits Paystack to process EMV GH-Link prepaid cards for banks, institutions, and the general public, among other things.
Paystack will also be able to offer payment processing services such as mobile money transfer, mobile banking for financial institutions via applications, and USSD and EMV prepaid card routing and aggregation.
It also allows Paystack to terminate inbound international remittances to recipients’ wallets via agreements with foreign remittance businesses, payment aggregation, merchant acquiring and aggregation, and payment gateway services.
Paystack, founded in 2015 by software developers and longtime friends Shola Akinlade and Ezra Olubi, is the first Nigerian firm to be accepted into Y Combinator, the internet startup accelerator where companies such as Dropbox and Airbnb were incubated.
They raised $1.3 million in December 2016 from local and international investors such as Tencent, Comcast Ventures, and Ventures Platform.
They went further to raise $8 million in Series A funding in August 2018, headed by Stripe and Visa, with additional funding from Tencent and Y Combinator.