Inside PaySwitch Ghana: Building a Trusted API-Driven Payment Ecosystem for Banks, SMEs, and Merchants

In this exclusive interview, Aaron Demenu, CEO of PaySwitch Ghana, shares insights into how PaySwitch is driving fintech innovation in Ghana through secure, compliant, and inclusive digital payment solutions. The company, a leading payment gateway in Ghana, began with POS and ATM acquiring solutions for major banks but has since expanded into mobile money, digital lending, virtual asset processing, and API-driven payment systems.

Today, PaySwitch Ghana supports merchants, banks, retailers, and SMEs, providing both B2B and B2C fintech services. Through its third-party processing (TPP) expertise and API integrations, PaySwitch enables seamless payment infrastructure, embedded finance, and cross-border payments across Africa.

Mr Aaron Demenu highlights the importance of trust, PCI DSS compliance, and data protection in building a strong digital ecosystem. He also discusses partnerships with MTN Ghana, banks, and telecoms that enhance remittances, credit scoring, and alternative data lending models for financial inclusion.

As PaySwitch expands regionally, it aims to strengthen Africa’s digital economy, focusing on savings innovation, credit access for unbanked communities, and API-based remittance platforms. With a vision to become a leading African fintech company, PaySwitch continues to deliver impact beyond payments, empowering businesses and individuals through secure third-party payment processing, digital transformation, and inclusive fintech solutions.

What is the current status of PaySwitch Ghana? Could you give us an overview of the company and the scope of its operations?

Over the past three to four years, we have been making changes to how we operate. We initially began by providing services to merchants through banks, and today we serve three of the largest banks in Ghana with solutions primarily focused on POS — that is where we began.

However, we decided to pivot into other areas, supporting these banks more broadly with their acquiring businesses. Currently, we provide both POS and ATM acquiring solutions for these banks.

In addition to that, we have begun undertaking some direct acquisitions ourselves. We had explored this in the past, but it was not sustainable at the time, so we had to redesign our approach. Now, we offer APIs and plug-and-play solutions that allow us to serve merchants directly for both mobile money and card transactions. We have also integrated a layer for transfers to facilitate in-country remittances of all kinds.

Additionally, regarding commodity purchases and HR solutions, we facilitate instant disbursements to local bank accounts and mobile money wallets, providing both payment and disbursement functionality through the same API.
We have consolidated these services to ensure that, once a merchant is onboarded, it becomes much easier to upsell, advise on additional solutions, and support their growth, all within a unified platform.

Do your services extend to other sectors, or are they focused exclusively on banking and financial services?

The majority of our business comes from licensed financial institutions, which is why you may hear that mentioned often. However, we also provide services to retailers. For instance, if you take one of the largest retail chains in Ghana, our solutions are deployed in most of their outlets across the country. So our reach cuts across multiple sectors.

We also work with government institutions, non-governmental organisations, and community groups, among others, who use our solutions for their operations. Ultimately, as long as it involves payment collections over digital rails, we are here to support it.

Do your services extend to small and medium-sized enterprises (SMEs)?

We provide solutions for SMEs as well. Fortunately for us, the regulator now introduced a tiered merchant acquisition profiling, allowing us to extend our services across the industry, not just to the larger enterprises.

We are exploring how we can offer more than just payment solutions to these SMEs, as they are the driving force of the economy. We are exploring how best to empower them, enhance their productivity, and deliver solutions that go beyond transactions. These are the areas we are committed to improving.

Given the number of fintech competitors in the industry, what would you say sets your company apart?

The most obvious differentiator is the third-party processing (TPP) services we provide. Few fintechs are able to operate in both the TPP space and the traditional fintech space. But that is exactly where we are positioned, this was, in fact, our very first area of focus.

We combine our TPP experience with that of our partners, alongside our fintech expertise and industry exposure, to deliver a unique blend of solutions for those who choose to utilise our services.

Looking at Ghana’s fintech space, particularly the payments ecosystem, how do you perceive the current state of the industry?

We have grown significantly, particularly over the past two years. Positive regulations have been introduced, addressing many grey areas that were previously exploited or unregulated. These regulations are not simply about streamlining processes; they have also encouraged innovation across the industry.

We also partner with innovators through a programme where they develop solutions and we help ensure regulatory compliance. We support them in meeting all the requirements the regulator mandates.

The industry has grown and become increasingly competitive. Products no longer take weeks or months to develop. In fact, the difference can be made in a day, a minute, or even an hour. It is an exciting time.

Success lies with those who first identify and seize opportunities. They must also be able to empower the most people, because volume is the key to this business. Once you can reach and empower more individuals with your solutions, your revenue is guaranteed.

What key trends or innovations are currently emerging in your industry?

One of the important trends has been digital lending. In August, if I am not mistaken, the regulator has placed considerable emphasis on digital lending and virtual asset processing.
Digital lending and virtual asset services have now become major focus areas for the regulator. As a result, many players in the blockchain and wider digital asset space are working to align themselves with the regulator’s expectations.

One of the good things about Ghana’s regulatory framework is that it is structured in a way that the entire service delivery process involves multiple partners. As a result, no one loses out, provided you position yourself well. You have innovators and virtual asset providers on one side, payment processors like us, banks, and other supporting entities on the other.

It shows that everyone has a part to play, and it is really about how well you align your strengths and synergies to work together effectively.

Digital lending is growing substantially. According to available data, default rates in digital lending have been surprisingly low compared to those in traditional banking. This has prompted a number of studies to understand why that is happening and how these lending models could be integrated into traditional banking systems.

This is how the fintech space is actively shaping Ghana’s economy and transforming the payments industry.

PaySwitch was founded on the vision of enabling a fully integrated payment ecosystem in Ghana. Under your leadership, how are you enhancing payment infrastructure, API integrations, and local transaction processing to support the next phase of fintech innovation?

One of the greatest currencies in this industry is trust. For us, that means ensuring our infrastructure, solutions, and internal processes fully align with the required standards. From the Payment Card Industry Data Security (PCI DSS)  to the Data Protection Commission and the Cyber Security Authority, these regulatory bodies help shape and guide us to stay on track with what is expected.

As critical service providers to banks, telecommunications companies, and other key industry players, regular audits are essential. These continuous audits help to keep us on our toes.

We are also intentional about making security and compliance not just a departmental focus but an organisational culture. When it comes to data protection, information security, and compliance, it must be owned by everyone. It is about building a shared awareness and responsibility across the entire organisation.

For us, a well-regulated environment, along with robust infrastructure and business processes, is what we offer. If you re planning a market launch, looking to work with an institution that has a proven track record with the regulator, and one that is both forward-thinking and future-ready, then PaySwitch is your ideal partner. Our goal is to integrate payments seamlessly into everyday life. Where digital payments can help boost growth in a sector of the economy, we create tailored solutions to facilitate that.

However, we also ensure not to become overly focused on technology and lose sight of the end user. Too often, digital transformation projects overlook the user experience.

Our goal is to avoid overwhelming users with complex features that discourage adoption. Instead, we gradually onboard them into our solutions, ensuring they feel empowered. Explainability and inclusivity are central to our design philosophy, embedded from the very beginning.

It appears your organisation has transitioned from a B2B model to also serving the B2C market. Could you tell us more about that shift and what inspired it?

Exactly. As you may know, our focus has traditionally been on B2B and merchant-related solutions, that has been our main stronghold. However, we are now expanding into the consumer space. We have already piloted a few projects with some of the telecom operators, particularly around digital lending. So, we are gradually establishing our footing in that area and ensuring we do it right.

Another initiative is our digital financing programme for device purchases. In the spirit of empowering business owners and young people to own smartphones, this solution enables customers to acquire a device and pay in instalments.

As I mentioned earlier, the structure of our regulations means that you cannot operate independently. Strategic partnerships are essential. In this case, we work with several key players: the telecom operators, a partnering bank, an insurance company, the device suppliers, and the manufacturers themselves.

It is always about finding the right synergy, identifying partners whose values align with our vision and working together to ensure the end user ultimately receives the best value. That is what drives us.

As you transition into the B2C space, I imagine that comes with its own set of challenges compared to B2B. From an end user’s perspective, issues such as online payment difficulties and scams can affect trust. How are you addressing these challenges and working to build and maintain customer trust?

This may sound unconventional or even unpopular, but we have seen that it works. If you look at the history of mobile money in Ghana, for example, one of the key reasons it succeeded from the outset was the hybrid approach. It was not simply technology handed to the end user; there were human interfaces and channels actively driving adoption. Agents and distributors across regions, towns, and villages played a crucial role in encouraging its adoption.

As we build solutions for end users, it is essential to retain that human touch. Digital transformation does not mean eliminating the human factor. You must understand the context in which you operate, the values of the people, and why they would want to use your solution. More often than not, it helps to have someone explain the value directly and provide authorised support, rather than leaving users to interact with a faceless machine. This builds trust and confidence.

That is not to say we are not technology-focused. We are a tech company, but it is essential to understand the context in which these technologies are deployed. Once adoption gains traction, upgrading, adding features, and enhancing the solution become a smoother process.

It appears technology adoption is largely driven by end users. What is your perspective on that?

For instance, when you’re in urban centres like Accra, Kumasi, or Takoradi, it is easy to assume that everyone knows how to press a button on their phone and get things done from A to B, but that is not the reality on the ground. If we are truly building for mass adoption, our approach must account for varying levels of digital literacy. Solutions must serve both urban users and those less familiar with technology. Without this inclusivity, community impact remains limited.

While mobile penetration and data access figures are high, the challenge lies in usability and whether people are actively engaging with these solutions. This is the issue we are striving to address. It might not be a popular view, but for us at PaySwitch, we believe this is what will drive true transformation for the masses. It may not be the most popular standpoint, but at PaySwitch, we believe it is the path that will help the masses achieve the transformation they need.

In terms of cross-border payments and regional expansion, does PaySwitch plan to enter new African markets or collaborate with Pan-African payment networks? How does this align with your vision of positioning PaySwitch as a leading African fintech company?

We have championed a proof of concept here in Ghana that has shown promising results. concept here in Ghana, and learnt a great deal from that experience. Our goal now is to expand into new countries where our market entry strategy isn’t about experimentation, but about implementing what has already worked successfully over time.
Moreover, our focus is not driven solely by revenue; we are committed to creating meaningful impact. This is why, in most of my comments, we emphasise that we are not merely following trends. Our aim is to ensure that everything we do generates impact, a principle that stems directly from our founders. In their personal lives and other ventures, our founders prioritize impact over profit. It is about who benefits, who is empowered, and how lives are changed.

One of our key areas is credit, which we see as a powerful tool to empower people. Across many African countries, large numbers of people remain unbanked. However, there are many economic activities that people engage in, which can serve as alternative data to assess their eligibility for credit. Our goal is to bridge the gap between the unbanked and traditional lending service providers by demonstrating that, while these individuals may not be depositing money into bank accounts, they contribute significantly to economic activities in their communities. The challenge is to adapt traditional lending models to ensure these people are considered for credit, enabling them to strengthen their businesses and livelihoods. Crucially, this must be done at moderate cost, without imposing excessive interest rates.

That is why the right partners are essential — those who can extend credit at fair rates that empower, for example, the village farmer to boost production. When a single farmer increases output, the farm grows, more hands are employed, more produce is generated, and economic activity expands. Ultimately, this benefits everyone, including consumers in the cities who gain access to affordable, quality food. This creates a win-win situation for everyone involved.

Aside from what we have discussed, are there any other projects your team is currently focused on?

One product we are passionate about is related to savings. While some may ask what makes savings special, our approach is to introduce discipline for the user while giving them the flexibility to manage multiple savings accounts backed by different financial institutions, all centralised on a single platform.

Without revealing too much, this product is designed to empower individuals by helping them stay consistent with their savings goals in a way that’s both structured and flexible. Users will be able to define their own targets, decide how they want to save, and choose which institution they trust to manage their funds. This will encourage financial institutions to improve their offerings to attract and retain savers.

It is an initiative we are truly excited about — one we believe has the potential to reshape how people think about and engage with savings.

These are the key initiatives we are currently allocating significant resources. Of course, we have several other projects already running, but those fall within our traditional revenue streams and core business activities, so they are more about upselling, upgrading, and improving existing solutions.

From credit and savings to embedded finance, these are the areas where we aim to drive meaningful impact and positive change wherever we operate and take the brand.


Looking ahead, what is your strategic vision for PaySwitch over the next five years? How do you see the company contributing to Ghana’s digital economy?

In the next five years, our vision is to make a significant regional impact across Africa. We aim to extend our influence beyond payments, driving change in more sectors of the economy. This means investing in research and developing solutions tailored to the unique needs of different industries. Agriculture, in particular, will be a key focus, given its central role in Africa’s economic future.

One of the persistent challenges has been how Africans manage income, build savings, and record economic activity in ways that enable access to credit. Too often, reliance on bootstrapping slows growth and limits scale.

Our goal is to build the digital infrastructure that African countries need to evolve and strengthen their economies. From credit and lending to embedded financing, remittances, and currency stabilisation, we are committed to solutions that drive steady progress — step by step — towards the future we all aspire to.

I believe that remittances are among your most significant products.

It has to be one of the biggest things that we wanted to drive. However, it requires close collaboration with Money Transfer Operators (MTOs), who must also ensure full compliance with regulatory expectations. As I mentioned earlier, we’re a highly respected and fully regulated company, and we’re careful to operate strictly within the framework set by our regulators.

One of the genuine challenges we have faced — which many competitors may not have encountered — is that some of the MTOs we work with have struggled to meet regulatory requirements. This has slowed our progress.

Nevertheless, as we scale up and expand into other regions, we are confident we can build on this foundation. With existing rules in place and instant crediting to mobile money wallets and bank accounts, remittances can be driven more easily and effectively.

MTN now enables mobile money transfers from Ghana to Nigeria, and a great deal of work has gone into making that possible. Once you have a regional presence, it’s only natural to start standardising operations across the different markets. Although this process can be costly, it ultimately enables greater efficiency and scale.

MTN remain a strong partner of ours, and we continue to collaborate on projects that we believe will benefit both brands. They increasingly view themselves as a platform provider, while we bring innovations that enhance and drive those platforms. We therefore welcome their progress, as it ultimately supports the wider ecosystem we are all working to build.

Before we wrap up, is there anything I haven’t asked that you’d like to add or highlight?

The interesting story about my journey with PaySwitch is that I began as a customer. From the very outset, I felt a strong attraction to the brand. Over the past five to six years, I have come to understand what this brand truly represents, and I have had the privilege of contributing to what it is becoming today.

For anyone seeking not only a payment solution but a strategic partner, PaySwitch offers more. We go beyond payments into areas such as credit scoring and related services. For organisations looking to introduce solutions to the African continent that boost productivity, strengthen economies, and drive financial inclusion, we are more than ready to provide the expertise and infrastructure we have built over the years to support that goal.

As I mentioned, our focus extends beyond just revenue and profit. For us, it’s about making an impact. We believe that by establishing strong foundations, the recurring benefits will ultimately propel the company to the next level.

It has been a real pleasure speaking with you. This interview gives us an even greater sense of responsibility and awareness, because everything we have shared about what we aim to achieve at PaySwitch is now out there, and we must ensure we deliver on it.

That alone is enough motivation for us, and we are confident we will deliver. So the next time we meet, I look forward to sharing the success stories of what we have been able to accomplish.