Ghana’s Zeepay Gets Fresh Funds to Transform Cross-Border Payments

April 9, 2024

By Modupe Gbadeyanka

A Ghanaian financial technology (fintech) firm, Zeepay Ghana Limited, has secured funds in the form of an equity investment expected to support the expansion of its cross-border remittances and mobile financial services business across Africa and the Caribbean.

Africa50, Oikocredit, Injaro, Verdant Capital Hybrid Fund, and Investisseurs & Partenaires (I&P), an existing investor, provided the funding support for a stake in Zeepay as it plans to scale up its operations.

The chief executive of Zeepay, Mr Andrew Takyi-Appiah, thanked “all our stakeholders, including our customers, shareholders, and staff, for all the support in bringing this round to a close.”

He said, “The raise will greatly assist us in completing our ongoing expansion drive into the rest of Africa.”

“Our short to medium plan is to expand our mobile money reach into a minimum of 10 countries within the next two years, leveraging remittances in partnership with MoneyGram, and we are delighted to see this vision come through,” he added.

Zeepay is a fast-growing payment infrastructure company with a footprint in more than 20 countries globally.

Since its inception in 2014, Zeepay has specialised in facilitating the instant settlement of remittances into mobile money wallets in Africa and the Caribbean on behalf of leading international money transfer organizations (IMTOs).

Last year, the Company settled over 10 million remittance transactions worth over $3 billion in value, and its vision is to promote financial inclusion and transform cross-border payments, particularly in low-income countries.

It is believed that this equity investment would support Zeepay in expanding its geographical footprint and deepening its offering to IMTOs as well as senders and recipients of remittances.

The co-chief executive of I&P, Sebastien Boyé, said, “I&P’s follow-on investment in Zeepay demonstrates our conviction in the success and prospects of the business.

“We are proud to have partnered with a highly capable promoter and management team in delivering impressive financial and social returns over the past two years with our initial investment.

“We are excited to be joined by new like-minded investors and remain fully committed to supporting Zeepay to attain its goal of becoming a leading pan-African mobile financial services business impacting the lives of millions of underserved users across Africa and the Caribbean.”

The Managing Director and Head of Infrastructure Investments at Africa50, Raza Hasnani, said, “Africa50 is delighted to partner with Zeepay to support its leading role in the digital payments infrastructure space on the African continent and beyond.

“Foreign currency inflows from remittances are the lifeline for many African economies with sizable diaspora populations, especially in the current economic environment.

“Zeepay provides a local, affordable, secure, and convenient money transfer solution for the industrious African diaspora to support their loved ones.”

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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