Zeepay, a pioneering fintech startup based in Ghana, has secured regulatory approval from the Bank of Ghana to facilitate outbound money transfer services within a regulatory sandbox environment.
This approval allows Zeepay to enable Nigerian and Ivorian immigrants in Ghana to send up to $10,000 yearly back to their home countries.
Recipients can receive funds directly in their mobile money wallets or bank accounts, significantly enhancing the financial connectivity of these immigrant communities. This regulatory milestone was achieved just a month after Zeepay announced it had secured a $3 million equity investment from Verdant Capital Hybrid Fund, a move intended to strengthen its financial base for future expansion.
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Zeepay’s Growth and Market Presence
Zeepay, operational for a decade, employs over 200 people and has raised more than $23 million since its inception.
By 2022, Zeepay had expanded its operations to 23 countries, including major markets such as Ghana, Nigeria, Zambia, Ivory Coast, Sierra Leone, and Gambia. Andrew Takyi-Appiah, the Managing Director of Zeepay, emphasised that this approval by the Bank of Ghana underscores the government’s commitment to supporting local enterprises and promoting digital innovation in alignment with Vice President Dr Bawumia’s digital transformation agenda.
Dede Quarshie, the GM Commercial at Zeepay, highlighted that the new service will facilitate peer-to-peer remittances across various corridors, including Ivory Coast, Nigeria, the United States, and the United Kingdom.
Quarshie noted that this development not only eases transactions for the immigrant community but also turns previously recipient-only regions into active sending locations, broadening Zeepay’s service scope and improving client offerings.
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Expanding Operations in Zambia and Beyond
In addition to its regulatory success in Ghana, Zeepay has also made significant strides in Zambia. After receiving approval from the Central Bank of Zambia to operate in the country and offer outbound services from its Zeepay Mobile Money Wallet in 2023, Zeepay has now been granted permission for both inbound and outbound cross-border payments by the Bank of Zambia.
Aston Njovu, the company’s Product Manager for the SADC Region, described this approval as a significant milestone, particularly as the company celebrates a decade of innovation and leadership in mobile money solutions.
Zeepay’s approval by the Bank of Ghana marks a first for any company within the regulatory sandbox, reflecting its pioneering role in the fintech industry. This strategic expansion and regulatory endorsement are set to enhance Zeepay