Technology powerhouses Codebase Technologies and MojoPay join forces to unveil DigibancTM BaaS 2.0, an innovative project aimed at speeding up Ghana's digital finance potential worth $269 billion.
Codebase Technologies and Mojo Payments have joined forces to launch DigibancTM BaaS 2.0, a cutting-edge digital banking platform designed to accelerate innovation and financial inclusion in Ghana.
The serviceable addressable market for DigibancTM BaaS 2.0 includes over 240 financial institutions in Ghana, many of which are currently constrained by legacy infrastructure, high cost of technology ownership, and operational complexity.
Saqib Nazir, CEO of MojoPay, stated that the partnership aims to provide a faster, smarter way for these institutions to go digital without trade-offs. The DigibancTM BaaS 2.0 Platform includes customer onboarding, core banking, cards, payments, lending, and customer engagement tools, enabling financial institutions, start-ups, and fintechs to digitize faster without large capital expenditure or long development cycles.
The partnership focuses on delivering future-ready digital banking infrastructure. The new platform, powered by Codebase Technologies' DigibancTM, delivers cloud-native, API-first digital banking capabilities. It is also delivered through a customer-centric, unified SaaS 2.0 environment, ensuring a seamless user experience.
The partnership is expected to have a lasting impact on the region's financial services landscape. It directly supports national goals around financial inclusion, digital transformation, and economic empowerment. In 2024, mobile money transactions in Ghana reached GHS 3.0192 trillion (USD 257 billion), underscoring the need for tailored financial services. There is an estimated USD 5 billion SME financing gap in Ghana, highlighting the potential benefits of the DigibancTM BaaS 2.0 Platform.
The platform leverages MojoPay's advanced payments infrastructure for seamless and intuitive customer experiences. This partnership empowers institutions to lead in an increasingly digital world, enabling them to tailor services to their customers' evolving expectations without complex integrations or heavy IT investment.
The initiative reflects Codebase Technologies' global mission of "Building What Comes Next." The partnership is expected to play a significant role in bridging the digital divide in Ghana's financial services sector, contributing to the country's economic growth and financial inclusion.
However, it's important to note that the search results do not specify which financial institutions in Ghana are directly supported by the Digibanc BaaS 2.0 partnership to implement their digital banking solution and advance financial inclusion.
The partnership between Codebase Technologies and Mojo Payments marks a significant step forward in Ghana's digital banking landscape, offering a promising solution to the challenges faced by financial institutions in the country. As the partnership unfolds, it will be interesting to see how it impacts the financial services sector in Ghana and contributes to the country's digital transformation and economic growth.
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