PayAngel, an award-winning remittance and payments company, has secured an Enhanced Payment Service Provider (PSP) license from the Bank of Ghana (BoG), a milestone that positions the fintech leader to reshape financial transactions across Africa and beyond.
Finalised in October 2023, this license empowers PayAngel to expand its footprint in domestic payments, merchant solutions, and cross-border remittances.
Building on this momentum, PayAngel is also advancing regulatory approvals with Kenya’s Central Bank (CBK), laying the groundwork for expansion into East Africa.
With growing banking partnerships across Ghana, Kenya, and Nigeria, the company is strategically positioning itself as a dominant force in the global payments sector.
Strategic Expansion Into Africa’s Thriving Fintech Market
Unlike many fintech startups chasing rapid market entry, PayAngel has taken a measured and compliance-driven approach. By leveraging its Enhanced PSP license, the company is partnering with leading banks to facilitate seamless transactions while ensuring regulatory alignment.
Beyond traditional remittances, PayAngel is expanding into domestic payments, merchant solutions, and payment aggregation, reinforcing its vision of an interconnected global payments network.
This approach underscores the company’s commitment to providing secure, efficient, and cost-effective financial services for businesses and individuals alike.
“We are on the verge of launching a brand-new, revolutionary app to take your PayAngel experience to the next level,” PayAngel CEO Jones Amegbor said in his year-end address.
“Stay tuned for more updates as we unveil features designed to make your remittance journey even more seamless and rewarding!”
Kenya: Unlocking a Major Payment Corridor
PayAngel’s regulatory filings indicate that its PSP application with Kenya’s Central Bank is in the final stages, a move that will allow it to enter one of Africa’s most advanced fintech markets.
Simultaneously, partnerships with major Kenyan banks are paving the way for seamless integration into the region’s financial ecosystem.
If successful, this expansion will establish a powerful East-West African payment corridor, enhancing connectivity between key markets such as Ghana, Nigeria, and Kenya.
Bridging Continents: A Global Fintech Vision
With operational hubs in the U.K., U.S., Canada, Australia, and Ghana, PayAngel is committed to serving the global diaspora, offering a fast, cost-effective, and reliable way to move money across borders.
Currently, its services extend to India, Bangladesh, and 22 African markets, providing innovative financial solutions for expatriates, entrepreneurs, and SMEs.
The company’s proprietary Direct to Merchant Remittance (D2MR) solution is already transforming business payments, eliminating inefficiencies and empowering SMEs across Africa.
What’s Next for PayAngel?
As PayAngel solidifies its position in the fintech landscape, key developments to watch include:
• Domestic Payment Services: Expansion into local money transfers, bill payments, and merchant transactions across Ghana, Kenya, and other key markets.
• Multimarket Integration: The upcoming PayAngel app aims to unify remittances, merchant payments, and domestic transactions into a seamless ecosystem.
• Enterprise Solutions: Strengthening partnerships with banks to become the backbone of cross-border transaction processing in Africa.
• Regulatory Greenlights: Approval from the CBK will mark a major milestone in PayAngel’s Pan-African expansion.
A Fintech Powerhouse in the Making
PayAngel’s long-term strategy, regulatory focus, and expanding market presence position it as a fintech powerhouse that is reshaping global payments. For regulators, it is proving to be a trusted and compliant operator; for banks, a strategic partner; for businesses, an efficiency enabler; and for migrants, a lifeline for cross-border transactions.
As Africa’s fintech sector continues its rapid growth, PayAngel is quietly emerging as a future unicorn, redefining how money moves across borders.
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DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
