Feb 15, 2022

SPENN signs agreement with bank partner in Ghana

This company announcement includes inside information about an agreement between SPENN Technology A/S and an undisclosed bank in Ghana, that initiates a regulatory approval process that may allow for SPENN products to be launched in Ghana.

Company Announcement No. 81

Expanding its African footprint, SPENN Technology A/S has decided to enter a new African market: Ghana. Today, 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.

“It is too early to talk about the financial side of SPENN entering Ghana, but it will of course have a positive effect as it opens a new and sizable market,” says Jens Glaso, CEO of SPENN Technology A/S.

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.

“According to the World Bank, Ghana is the fastest growing mobile money market in Africa. Growth is fueled by an urban-rural split driving remittances, vast agent networks, high mobile penetration, and progressive government-led regulation. This is an advantageous setting for SPENN,” says Glaso.

“SPENN has the technology and the presence to capture a sizeable part of the mobile money industry in Ghana, which is a multimillion-dollar market,” says Glaso.

A final agreement with the bank partner will secure nationwide distribution of SPENN products and services in Ghana.

“The cost of financial services in Ghana is high, which presents an opportunity for SPENN to offer more affordable solutions based on blockchain technology,” says Glaso.

For further Information, please contact:
Jens B. Glaso, CEO SPENN Technology A/S. Phone +47 40 40 47 50, e-mail: [email protected]
Certified Adviser: Baker Tilly Corporate Finance P/S, Att.: Gert Mortensen, Partner. Phone: +45 33 45 10 00, www.bakertilly.dk

SPENN Technology A/S
CVR nr.: 26518199
Njalsgade 76, 4.
2300 København S
Tel: +45 8830 0000

About SPENN Technology A/S

In a world where 1.7 billion people are still unbanked, SPENN Technology has democratized access to financial markets by bridging the crypto sphere with traditional finance. By utilizing blockchain technology Blockbonds has created a robust real-time payment system in which everyone can manage their savings, payments, investments and loans in an honest, transparent and secure way through the SPENN App platform. Although SPENN Technology A/S is a purpose-driven company with our vision to empower people, we are also a commercial player that always strives to develop new services for our customers.

The SPENN app is an innovative and unique digital banking platform for the unbanked as well as the banked to be able to send and receive money completely cost-free, in markets where the cost of financial services is the highest in the world. SPENN is disrupting the existing mobile payment distribution channels. SPENN has recently launched new integrated services in the platform and expects to launch more crypto services going forward.

SPENN is a technology provider to banks and governments based on a Software as a Service (SaaS) solution and has grown to become a key partner for their bank partners to drive deposits and to stay in front of innovation. SPENN is helping governments regulate the unregulated utilizing new technology and visionary ideas which have ultimately solved the biggest issue within financial inclusion.

SPENN Technology A/S is listed on the Nasdaq First North Growth Market Denmark. Ticker code: SPENN


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