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Fintech company risks delisting by Ghana bourse

Clydestone Ghana faces possible delisting because of its weak finances. FILE PHOTO | NMG
Clydestone Ghana faces possible delisting because of its weak finances. FILE PHOTO | NMG 

The Ghana Stock Exchange (GSE) has put on its watch list a distressed company with Kenyan financial operations, raising questions on its future.

The exchange last week noted the information technology service provider Clydestone Ghana faces possible delisting because of its weak finances.

GSE said the financial technology (fintech) company could be delisted if its financials do not improve by the end of May.

Clydestone has operations in Nigeria and Kenya, where it provides electronic services such as payment platforms and third-party processing to financial institutions.

“We are a global Information and Communications Technology company with offices in Ghana, Nigeria and Kenya,” it says on its website.

In 2013, it launched China Union Pay in Kenya together with Kenswitch and Chase Bank. Under the co-operation agreement, Clydestone said it had integrated with Kenswitch to enable banks on the network acquire Union Pay transactions on over 1,200 ATMs. Chase Bank was the settlement bank.

Member banks were listed as Imperial, Family, I&M, K-Rep, Kenya Post Office Savings Bank, Bank of Africa, Chase, Consolidated, Gulf African, Housing Finance, Transnational, Kenya Women Finance Trust, First Community, Equatorial Commercial, Fidelity Commercial and Credit.

It also runs G-switch (Global Switch), a proprietary electronic payment platform that provides transaction switching, third party processing and EFT hosting services to banks.

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