EFGH and Nosmay Launch NKWA as Ghana's First Digital Levy Collection Wallet; EFGH to Make Voluntary Contributions of 10% of its Ghana-Derived Revenues as Social Investment to Ghana's Statutory Develop

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.