Zeepay, a fintech startup from Ghana, has received regulatory approval from the Bank of Ghana to offer outbound money transfer services within the regulatory sandbox. This approval is expected to significantly benefit Nigerian and Ivorian immigrants in Ghana, enabling them to send up to $10,000 annually directly to mobile money wallets or accounts back home.
The approval follows Zeepay’s recent announcement of securing a $3 million equity investment from the Verdant Capital Hybrid Fund to strengthen its financial position for future growth. With ten years in the market, Zeepay employs over 200 people and has raised over $23 million since its inception. By 2022, Zeepay had expanded its operations to 23 countries, including Ghana, Nigeria, Zambia, Ivory Coast, Sierra Leone, and Gambia.
Andrew Takyi-Appiah, Zeepay’s Managing Director, noted that the Bank of Ghana’s approval highlights the country’s support for local businesses and innovation, aligning with Vice President Dr. Bawumia’s digital transformation initiatives.
Dede Quarshie, Zeepay’s General Manager for Commercial, explained that the new product will facilitate peer-to-peer remittances across regions including Ivory Coast, Nigeria, the United States, and the United Kingdom.
“This initiative not only simplifies transactions for the immigrant community but also converts regions that were previously only recipients into active sending areas. This development enables Zeepay to offer a more comprehensive and enhanced service to our customers,” Quarshie added.
Furthermore, Zeepay is reported to be the first company to receive approval from the Bank of Ghana or any other regulator under the regulatory sandbox.
Following its 2023 approval from the Central Bank of Zambia to operate and offer outbound services through its Zeepay Mobile Money Wallet, Zeepay has now received authorization from the Bank of Zambia for both inbound and outbound cross-border payments in the country.
Aston Njovu, Zeepay’s Product Manager for the SADC Region, stated, “This approval from the Bank of Zambia marks a significant milestone for us as we celebrate a decade of innovation and leadership in mobile money solutions.
