In September 2019, the Bank of Ghana, in a notice to banks and non-bank financial institutions, stated the need for institutions such as financial technology companies to “provide the legal and regulatory framework for the orderly development of payment systems in Ghana.” 

Hubtel applied to be licensed among the pioneering companies to fill this emerging space and was granted initial approval to operate as an enhanced payment service provider by the Bank of Ghana in August 2020. 

The issuance of the final license is significant as it confirms that Hubtel’s payment processing operations are compliant with the standards of the central bank of Ghana, and thus permits it to continue to provide enhanced payment services and innovative solutions to the general public. 

Commenting on the occasion, the General Manager of Hubtel, Ernest Apenteng, said, “We are indeed happy to receive our final operating license from the Bank of Ghana. For us this occasion is a major comfort and milestone for the leadership at Hubtel.”

He said the license also “showed the commitment and belief in Ghana’s emerging digital economy. Our clients, customers, partners and indeed our regulators should trust, and be rest assured, whichHubtel intends to remain compliant with all regulations that govern our operations, this already is, and will remain, a responsibility of all staff and stakeholders of Hubtel”.  

In addition to the Bank of Ghana, Mr Apenteng said  Hubtel was notably licensed by the National Communications Authority, certified by the Data Protection Authority and is registered with the Financial Intelligence Centre.

He said the company was also certified as compliant with Payment Card Industry Data Security Standards and ISO 27001 Information Security Management Standards.