WeWire, a cross-border business payment platform, has been admitted into the Bank of Ghana’s (BOG) regulatory and innovation Sandbox program. This program will enable the Ghana-based startup to collaborate with BOG to develop inclusive financial technology products, which will, in return, attract investments into the continent.
WeWire, which also has an operational presence in Kenya and Nigeria, is uniquely positioned to develop, test, and deploy payment solutions that leverage blockchain and stable coins to facilitate fast and secure global payments.”
Kenya’s gross domestic product grew by 5.6% in 2023 and is projected to grow by 6% in 2024, with significant contributions from agriculture, real estate, and manufacturing. Through the Sandbox program, WeWire aims to enable payments by leveraging mobile money platforms, wallets, and digital currencies to facilitate payments for local and global industry players, providing them the foundation for expanding into new local and international markets.
Speaking with WeWire’s CEO, Eben Ghanney, about his financial inclusion across Africa, he said, “We envision a world where large and medium-scale businesses, as well as small local businesses operating in underserved communities, can interact with digital and fiat currencies. We are building solutions that help these businesses send and receive payments and grow beyond their borders.” “In less than two years, WeWire has helped global and indigenous organisations across fintech, agriculture, tourism, oil and gas, manufacturing, importation, exportation, etc., collect and make payments in 80+ countries worldwide.”
He also expressed optimism about the exciting developments that will emerge from WeWire over the next few months as they join forces with Ghana’s Apex Bank. Eben said, “With the Bank of Ghana’s Sandbox program, we are building a fast, inclusive, and secure system that empowers more African businesses to leverage blockchain technology and digital currencies for payments, thereby boosting trade volumes on the continent.”
WeWire also looks forward to working with other Central Banks worldwide to develop and deploy unique payment solutions that drive growth in their business sectors.
About WeWire:
WeWire is a B2B payments provider on a mission to revolutionise global commerce with innovative, secure, and seamless B2B payments, empowering businesses to thrive in an interconnected world. The company is a Canadian-Licensed Merchant Service Bank (MSB) with operational presence in Ghana, Nigeria, Kenya, Uganda, the UK, Canada, the US, and Dubai.
About Bank of Ghana:
The Bank of Ghana (BoG) is the Central Bank of Ghana. It was formed in 1957 and is located in Accra, Ghana. The BoG regulates, supervises, and directs Ghana’s banking and credit systems to ensure a safe and sound banking system. The Bank of Ghana also provides banking services to the public, financial institutions, and the government.
About the BoG Sandbox:
The regulatory sandbox is a supportive and controlled policy environment enabling financial service providers to test innovative products, services, and business models under a regulator’s supervision.