- NKWA digital infrastructure initiative combines EFGH’s embedded finance technology with Nosmay’s local operational and regulatory expertise to support Ghana’s fiscal digitalization and decentralized development agenda
- Platform to enter Bank of Ghana Regulatory Sandbox testing and regulatory progression, followed by phased commercial launch and scaling across institutional levy collection use cases
- Separately, EFGH announced it would make voluntary social investment contributions equivalent to 10% of its Ghana-derived revenues to the District Assemblies Common Fund’s (“DACF”) Community Partners’ Fund for Public Interest Projects nationwide
ACCRA, Ghana and SINGAPORE, May 8, 2026 /PRNewswire/ — Embed Financial Group Holdings Pte. Ltd. (“EFGH” or the “Company”), a Singapore-headquartered financial internet infrastructure company operating across emerging markets in Africa and Asia, today announced the launch of NKWA, a digital wallet platform designed to digitize levy collection in Ghana for institutional administrators, with pay-in and pay-out capabilities for users.
THE COMMERCIAL PARTNERSHIP
EFGH has entered into a commercial partnership with Nosmay Enterprise Solutions Ltd. (“Nosmay”), appointing Nosmay as EFGH’s exclusive local representative and operational partner in Ghana, to operate NKWA. Nosmay, a Ghanaian enterprise and DEMI licence applicant, will serve as the licensed entity and applicant in the Bank of Ghana Regulatory Sandbox.
The partnership will develop and operate NKWA as a white-labelled national-level digital payment infrastructure for levy collection to facilitate digitized collections while improving convenience, transparency and reporting for institutions and users. With 35 million people, Ghana is one of Africa’s most progressive digital finance markets, characterized by strong mobile money adoption, an established regulatory infrastructure, and government commitment to financial digitalization.
Instead of a standalone fintech product, the NKWA platform is built on EFGH’s proprietary embedded finance technology and delivers a comprehensive suite of digital financial services tailored to Ghana’s regulatory environment. Core capabilities include digital levy collection for institutional administrators, wallet top-up via mobile money.
It will also facilitate bank transfers across all three major telco networks in Ghana — MTN, Telecel, and AirtelTigo — and facilitate real-time balance management, full transaction history, peer-to-peer transfers, disbursement and payout workflows, and an agent network module for cash-in and cash-out.
The platform operates a two-tier KYC model: users can onboard via Unstructured Supplementary Service Data (“USSD”) using Ghana Card verification for lighter-touch access, or through the iOS and Android apps with full biometric eKYC for complete wallet functionality. All user data and transaction records are hosted on infrastructure physically located in Ghana.
The platform is being prepared for testing under the Bank of Ghana Regulatory Sandbox — a supervised framework that enables the live testing of innovative financial products and services in a controlled environment before wider market rollout.
Nosmay, as the DEMI licence applicant and designated regulatory entity, will lead the Sandbox application — a structured, regulator-endorsed pathway to full commercial launch. The parties’ pursuit of this pathway reflects their shared commitment to building nationally significant finternet infrastructure that meets the Bank of Ghana’s standards for security, compliance, and consumer protection.
SOVEREIGN-ALIGNED SOCIAL INVESTMENT COMMITMENT BY EFGH
Unlike most other fintech deployments in the region, NKWA is accompanied by a sovereign-aligned social investment commitment that sits alongside — and separate from — its commercial operations. EFGH has signed a distinct, non-commercial Memorandum of Understanding with the Office of the Administrator of the District Assemblies Common Fund (“DACF”), a statutory body of Ghana established under the 1992 Constitution to allocate a share of national revenues to District Assemblies in support of local development.
Under this public-interest initiative, EFGH will make voluntary social investment contributions equivalent to 10% of its Ghana-derived revenues to the DACF’s dedicated Community Partners’ Fund (“DACF CPF”). These contributions do not confer any ownership, profit-sharing or governance rights in the DACF to EFGH or Nosmay, and are deployed exclusively for Public Interest Projects across Ghana — with eligible areas including digital financial inclusion, community infrastructure, capacity building, and health, education, and sanitation initiatives — in line with DACF’s existing mandate and guidelines.
NKWA will provide institutions across Ghana with a modern, transparent, and auditable platform for levy collection and disbursement, while EFGH’s voluntary contributions to the DACF CPF reinforce Ghana’s decentralised development framework at the district level. The immediate next steps are sandbox testing and regulatory progression, followed by phased commercial launch and scaling across institutional use cases. EFGH views Ghana as a foundational market within its broader pipeline of government and national infrastructure partnerships across Africa and Asia.
SIGNIFICANCE OF NKWA AND SOVEREIGN-ALIGNED COMMITMENT BY EFGH
The launch of NKWA and the non-commercial MOU with DACF underscore EFGH’s commitment to accelerate finternet adoption in Ghana with a national-scale project while committing itself to social investment contributions with a sovereign-backed fund that seeks to ensure development for local communities across the country.
Together, they constitute one of the most significant projects undertaken in Africa by EFGH which has entered into a definitive business combination agreement with a U.S.-listed special purpose acquisition company at a pro forma enterprise value of approximately USD 425 million.
“NKWA is not simply a wallet launch — it is a public-private digital infrastructure initiative that brings together fintech innovation, regulatory alignment, and a clear commitment to community impact at national scale. By partnering with Nosmay on the ground, we are building the Finternet the right way: with institutional trust, transparent rails for levy collection, and a model that voluntarily channels a share of the value we create in Ghana back into Public Interest Projects through the DACF Community Partners’ Fund. Ghana is a market we have long believed in, and NKWA is the first step in a much larger infrastructure ambition here.”
––– Dennis Ng, Founder and Executive Chairman, EFGH
“Nosmay was built to serve as a bridge between world-class financial technology and the realities of operating in Ghana’s market. Our partnership with EFGH around NKWA gives us access to a platform that is purpose-built for our regulatory environment, deeply integrated with Ghana’s payments infrastructure, and designed to deliver real utility for institutions and individuals alike. By focusing on levy collection and aligning with national development priorities, we believe NKWA can serve as critical infrastructure for Ghana’s next phase of digital and economic growth.”
––– Ishmael Yamson, CEO, Nosmay Enterprise Solutions Ltd.
The announcement comes as EFGH advances toward its proposed U.S. listing following its December 2025 Business Combination Agreement with WinVest Acquisition Corp. (“WinVest”), a publicly traded special purpose acquisition company. The NKWA initiative, together with EFGH’s voluntary social investment commitment via DACF’s Community Partners’ Fund, reinforces EFGH’s strategy of building a pipeline of government and national infrastructure partnerships across Africa and Asia ahead of its transition to a U.S. public company.
About EFGH
Embed Financial Group Holdings Pte. Ltd. (EFGH) is a Singapore-headquartered embedded finance technology company on a mission to build the Finternet — a global, inclusive financial ecosystem powered by technology. Valued at US$425 million, EFGH enables financial institutions, enterprises, and partners across Africa and Asia to embed financial services into everyday experiences, driving financial inclusion at scale.
For more information, visit efgh.xyz
About Nosmay Enterprise Solutions Ltd.
Nosmay Enterprise Solutions Ltd. is a Ghanaian enterprise with the capability and local expertise to deploy, operate, and manage digital financial services platforms in the Republic of Ghana. Headquartered in Accra, Nosmay serves as EFGH’s exclusive local representative and operational partner for the NKWA platform, and is the applicant for the Bank of Ghana Regulatory Sandbox licence in connection with NKWA.
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