GHANA – Zeepay, a Ghanaian fintech company Zeepay, has announced the completion of an equity investment to expand its operations in Africa and the Caribbean.
The investment was from pan-African investment firms Africa50, Oikocredit, Injaro, Verdant Capital Hybrid Fund, and Investisseurs & Partenaires (I&P).
Zeepay is a payment infrastructure company with a footprint in more than 20 countries globally.
Since its inception in 2014, Zeepay has specialized in facilitating the instant settlement of remittances into mobile money wallets in Africa and the Caribbean on behalf of international money transfer organizations (IMTOs).
In 2023, the company settled over 10 million remittance transactions worth over US$3 billion in value.
“We would like to thank all our stakeholders, including our customers, shareholders, and staff for all the support in bringing this round to a close. The raise will greatly assist us to complete our on-going expansion drive into the rest of Africa,” Andrew Takyi-Appiah, the founder and CEO of Zeepay, said.
“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 delighted to see this vision come through.”
The latest equity investment underscores a shared vision among the investors to foster financial inclusion and transform cross-border payments, especially in regions historically underserved by the traditional banking systems.
For Zeepay, this influx of capital is more than just a financial boost, it is a mandate to widen its geographical and service scope, enhancing its offerings to International Money Transfer Organizations (IMTOs), and, by extension, to senders and recipients of remittances.
Noting the strategic significance of this partnership, Raza Hasnani of Africa50 cited Zeepay’s role in enhancing digital payments infrastructure in Africa and beyond.
“Remittances are a lifeline for many African economies, especially amidst the current economic climate. Zeepay’s innovative solutions offer a local, affordable, and secure way for the African diaspora to support their families back home,” Hasnani noted.
Oikocredit’s Samuel Kibiri shared similar sentiments, pointing out the critical role of remittances in achieving financial inclusion.
“Zeepay’s digital wallets address major challenges related to transparency, cost, convenience, speed, and safety for both senders and recipients of funds. We are thrilled to support such a dynamic and fast-growing African enterprise,” Kibiri said.
I&P’s Sebastian Boye, underscored the success and potential of Zeepay, reflecting on the remarkable financial and social returns delivered since their investment.
“We’re excited about the future, as we join forces with new investors who share our vision for Zeepay’s impact on financial services across Africa and the Carribean,” Boye added.
This investment in Zeepay not only reaffirms the potential of fintech in driving economic growth and financial inclusion but also sets a new benchmark for innovation and collaboration in the sector.
Zeepay’s new chapter is poised to inspire a new wave of digital transformation across Africa and the Carribean, bringing financial services with the reach of millions of people.
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