November 29, 2022


Ghana’s PayAngel beats MFS Africa, TerraPay at IPR Awards 2022

3 min read

Ghana has been put at the map once more through PayAngel on the just-ended Inventions in Bills and Remittances Awards 2022 in London.

PayAngel, Africa’s Cost Knowledgeable stood out in opposition to TerraPay and MFS Africa, two of the largest FinTechs within the bills and remittance house, to emerge victors within the Social Have an effect on Award class.

The Inventions in Bills and Remittances (IPR) Awards is a party of the cash switch group and the achievements of the trade’s biggest achievers. The awards recognise outstanding management and inventions through Cash Switch Operators (MTOs), FinTechs, Banks and Telcos within the demonstration of vital contribution to the Cash switch trade inside the previous 5 years.

The Social Have an effect on Award was once opened to all cash carrier companies that effectively embedded social targets into their technique and are making a considerable sure affect in monetary inclusion or monetary understand how of the purchasers. The shortlisted finalists within the class have been MFS Africa, TerraPay and PayAngel.

PayAngel have been adjudged the eventual winners for the Social Have an effect on class for its inventions and contributions to the cash switch trade over the length. The Head of Enlargement at PayAngel, Joseph Elvis Lamptey emphasized the corporate’s dedication to making a favorable affect thru monetary inclusion and cost inventions. “Our social affect has now not handiest been recognised through the IPR Awards however has additionally been recognised through the United Countries Capital Construction Fund (UNCDF) and Eu Union Consider Fund underneath the GrEEn Undertaking, awarding PayAngel a grant of $140,000 to advertise monetary inclusion, create  a large community of marketers and facilitate get right of entry to to monetary products and services to the formative years, ladies and returning migrants within the Ashanti and Western Areas thru PayAngel’s Direct to Service provider Remittances (D2MR) answer.”

PayAngel supplies go border bills which allows immigrants to take part in shaping the virtual financial growth in their house nations while positioning native companies to capitalise at the cross-border trade expansion. The CEO of PayInc Team, Jones Amegbor, on his feedback in regards to the award stated, “we’re overjoyed to obtain this award as evidence of our socially responsive affect at the wellbeing of people who use our international multi-currency platform to ship and obtain world bills. Even if we didn’t be expecting to win as a result of the dimensions of businesses we have been up in opposition to, we don’t seem to be shocked we gained as a result of through design PayAngel is constructed through Africans for Africans to relieve the social issues we are facing at family, group, and nationwide ranges. We’re completely dedicated to the usage of our sources and abilities to make sure adjustments inside of our communities. It’s a will have to and an obligation and we owe it to ourselves and the generations after us. Coincidentally, our targets are in alignment with the UN’s Sustainable Construction Targets of lowering inequalities, poverty, and gender inequality while selling respectable paintings and financial expansion in addition to get right of entry to to high quality healthcare and training”.

This award is a affirmation that the corporate resides as much as its mentioned targets. Through the years, PayAngel has been instrumental in riding down the price of remittances to Africa. From the beginning, the corporate dedicated to the UN SDG goal with a promise to cut back transaction price of remittances to not up to 3%. In echoes of the founder of Ghana, Dr Kwame Nkrumah, the founding father of PayAngel has been quoted as announcing “we would like the aid in price now, now not in some far-off long term as recommended through the UN”. The corporate gives its consumers the luxurious of remitting at 0 charges with extremely aggressive trade charges. As well as, as an trade first, PayAngel thru its insurance coverage spouse, gives a novel value-added carrier – RemitCare; a existence insurance coverage method to beneficiaries of its remittance carrier in Ghana.  The inventions the corporate is riding within the trade and the affect at the lives of peculiar other people inside the group makes PayAngel a meriting winner of the Social Have an effect on Award.