Ghana’s rapidly expanding digital payments market is attracting deeper investment from global fintech infrastructure providers, with dLocal Ghana securing an Enhanced Payment Service Provider (EPSP) licence from the Bank of Ghana.
The licence gives the Uruguayan payments company greater control over its operations in Ghana, allowing its local subsidiary to provide payment collections, merchant acquisition, mobile money acceptance, bank transfer collections and local payouts through bank accounts and mobile money wallets.
The move comes as Ghana’s digital payments ecosystem continues to grow at scale. According to Bank of Ghana data, mobile money transactions reached GH¢4.54 trillion ($397 billion) in 2025, representing a 50.8% increase from the previous year. Internet banking transactions also climbed from 26 million in 2024 to 47 million in 2025.
For dLocal, the numbers point to a market where digital payment infrastructure is becoming increasingly important to businesses looking to reach Ghanaian consumers.
From global platform to local infrastructure
dLocal entered Ghana in 2020 as part of its broader African expansion, initially facilitating Ghana related payment flows through its global platform and regulated third party partners.
The new licence changes the depth of its local operations.
Through its Ghanaian entity, dLocal can now provide local payment collections and payouts while connecting merchants to payment methods including mobile money and bank transfers.
The company operates as a payments infrastructure layer between global merchants and local financial systems. Businesses can integrate with dLocal through an Application Programming Interface (API), while the platform manages payment processing, local payment connections and settlement.
For merchants operating across emerging markets, this model is designed to eliminate the need to build separate payment integrations for every market.
dLocal refers to this approach as “One dLocal”.
Why Ghana matters
Ghana’s digital payments growth has made the country an increasingly important market for fintech infrastructure companies.
The expansion of mobile money and digital banking has created a large ecosystem of consumers and businesses accustomed to digital transactions. For global merchants, however, accessing those payment channels requires connections to local banks, mobile money operators and regulatory systems.
That is the infrastructure gap companies such as dLocal are attempting to address.
“dLocal’s primary goal is to simplify the digital lives of Ghanaians by providing a more reliable and seamless way to transact,” Oluwademilade Egbeyemi, Regional Expansion Manager (West Africa) for dLocal, said in a statement.
“By operating under the guidance of the Bank of Ghana, we are building an infrastructure that gives people the confidence that their money is moving safely, whether they are a local business owner reaching new customers or a consumer paying for essential services.”
The licence could also strengthen dLocal’s relationships with local financial institutions and payment partners while giving the company greater control over how its Ghana operations are delivered.
dLocal joins growing payments race
dLocal is not alone in seeking deeper regulatory access to Ghana’s payments ecosystem.
Paystack and Flutterwave already hold enhanced payment licences, while Fincra secured its Payment Service Provider Licence under the enhanced category from the Bank of Ghana in May.
The growing list reflects a broader shift in Africa’s fintech industry, where international and regional payment companies are increasingly seeking direct connections to local financial systems rather than relying entirely on third party arrangements.
For dLocal, the Ghana licence is therefore more than a regulatory milestone.
“This is not simply a change in branding or corporate structure,” Eric Kortey, Country Manager, Ghana at dLocal, told TechCabal. “It is a meaningful step in building a more reliable, transparent and locally accountable payments infrastructure in Ghana.”
Part of a wider African expansion
The Ghana development also comes as dLocal continues to expand its footprint across the continent.
In February, the company completed a $23.7 million asset deal involving AZA Finance. The transaction included Mint Code Solutions, a Cameroonian payments entity, intellectual property linked to the AZA Finance brand and customer relationships across AZA Finance’s African payments business.
The deal strengthened dLocal’s infrastructure in Cameroon and provided additional assets to support its expansion into Francophone Central Africa.
Ghana now provides another important base for the company’s African strategy.
However, dLocal says its approach to expansion will remain market specific. The company continues to evaluate opportunities across West Africa, but emphasises that regulatory authorisation in one country does not automatically extend to another.
For now, the focus is on Ghana.
dLocal says it will roll out the services covered by the new licence based on operational readiness, partner connectivity and regulatory requirements rather than launching everything simultaneously.
As Ghana’s digital payments market continues to scale, the bigger opportunity for dLocal will be converting its new regulatory position into deeper local connectivity and making it easier for global merchants to participate in one of West Africa’s most active digital payment ecosystems.
Techmoni Africa tracks the Fintech, Web3, and Forex stories defining Nigeria, Kenya, and Ghana. Have a story that deserves attention? Reach our editorial team at info@techmoniafrica.com
