Expanding its African footprint, SPENN Technology A/S has decided to enter a new African market: Ghana. SPENN signed an agreement with an undisclosed partner bank in Ghana. The final agreement is expected to be signed shortly.

The parties have agreed upon the main commercial terms, but not signed the final agreement, due to certain issues that need to be clarified regarding potential regulatory changes in Ghana. Ghana will be the fifth market that SPENN Technology enters. The other markets are Tanzania, Zambia, Rwanda, and – as of two weeks ago – Uganda.

Being the first West African market that Spenn has decided to enter, Ghana is intended to serve as a future bridgehead for SPENN in West Africa. Ghana has a population of 32 million people, of which 8 million are unbanked. There are approximately 15 million smartphone devices in the country, a number that is growing by 9% annually.

Ghana has been at the forefront of the African digital payments boom and was the first African country to implement the universal QR code. Internet connectivity is high, and by 2025 an estimated 95% of total internet connections will be via a 4G network.