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PayAngel, a leading remittance and payments provider, has strengthened its growth trajectory by securing an Enhanced Payment Service Provider (PSP) license from the Bank of Ghana (BoG). Finalized in October 2023, this approval enables the company to expand its footprint in domestic payments, merchant services, and international remittances across Africa.
Enhancing Financial Connectivity in Africa
As part of its Pan-African expansion strategy, PayAngel is actively seeking regulatory approval from the Central Bank of Kenya (CBK) to establish a strong presence in East Africa. The company already has a robust banking network spanning Ghana, Kenya, and Nigeria, reinforcing its role as a key player in Africa’s fintech ecosystem.
Unlike many high-growth startups, PayAngel prioritizes compliance and strategic partnerships, ensuring regulatory alignment while enhancing transaction efficiency. With its newly acquired PSP license, the company is set to introduce comprehensive digital financial solutions, including:
- Local payment services
- Merchant payment solutions
- Payment aggregation and remittance services
Innovation-Driven Digital Expansion
Jones Amegbor, CEO of PayAngel, recently hinted at major technological advancements, stating:
“We are on the verge of launching a revolutionary app that will redefine the PayAngel experience. Exciting features are on the way to make remittances and payments more seamless and rewarding.”
The upcoming PayAngel app is expected to integrate cross-border transfers, merchant payments, and domestic transactions into a single, unified platform, making financial transactions more efficient for individuals and businesses.
Kenya: A Strategic Gateway for Expansion
PayAngel’s near-final regulatory approval in Kenya marks a significant step toward establishing a seamless payment corridor between West and East Africa. This initiative will enhance financial inclusion and cross-border trade by connecting Ghana, Nigeria, and Kenya—three of Africa’s largest economies.
Through partnerships with leading Kenyan banks, PayAngel aims to seamlessly integrate into the country’s digital payments ecosystem, reinforcing its mission to build a fully interconnected African financial network.
A Global Vision for Seamless Transactions
Beyond Africa, PayAngel operates in the UK, US, Canada, and Australia, providing cost-effective remittance services to the global diaspora. Its network extends to India, Bangladesh, and 22 African markets, offering fast and secure financial solutions for expatriates, businesses, and SMEs.
One of its most innovative solutions, the Direct to Merchant Remittance (D2MR) model, is already revolutionizing business payments by eliminating inefficiencies and empowering enterprises across Africa.
Key Developments to Watch
As PayAngel continues its rapid expansion, several key initiatives will define its next phase of growth:
- Domestic Payment Services – Expansion into local money transfers, bill payments, and merchant transactions in Ghana, Kenya, and beyond.
- Multimarket Integration – The upcoming PayAngel app will unify remittances, merchant payments, and domestic transactions on one platform.
- Enterprise Solutions – Strengthening banking partnerships to enhance cross-border transaction processing.
- Regulatory Approvals – Securing the CBK license will mark a major milestone in PayAngel’s Pan-African expansion journey.
Shaping the Future of Digital Finance
With a strategic focus on regulatory compliance, market expansion, and digital innovation, PayAngel is emerging as a dominant force in the fintech space. As regulators recognize it as a trusted operator, banks view it as a key financial partner, and businesses rely on it as a payments enabler, the company is redefining cross-border transactions across Africa.
As the continent’s fintech landscape evolves, PayAngel is well-positioned to bridge global financial markets, drive financial inclusion, and transform digital payments on an unprecedented scale.
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