Ghanaian fintech company Zeepay Ghana Ltd has secured an equity investment from a group of pan-African investment firms, including Africa50, Oikocredit, Injaro, Verdant Capital Hybrid Fund, and I&P.
The investment aims to fuel Zeepay’s expansion efforts across Africa and the Caribbean, furthering its mission to promote financial inclusion and revolutionise cross-border payments, particularly in low-income countries.
Zeepay, founded in 2014, has swiftly become as a key player in the payment infrastructure landscape, boasting a presence in over 20 countries globally. It facilitates instant remittance settlements into mobile money wallets in Africa and the Caribbean on behalf of leading international money transfer organizations (IMTOs), and processed over 10 million remittance transactions worth over $3 billion in 2023 alone.
Founder & CEO of Zeepay Ghana Ltd, Andrew Takyi-Appiah, expressed gratitude to stakeholders for their support in closing this round of investment. He emphasized the significance of the funding in driving Zeepay’s expansion plans, stating, “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.”
Commenting on the partnership, the Managing Director and Head of Infrastructure Investments at Africa50, Raza Hasnani, highlighted the importance of Zeepay’s role in providing a local, affordable, secure, and convenient money transfer solution for the African diaspora, particularly amidst current economic challenges.
Samuel Kibiri, Equity Officer for Africa at Oikocredit, emphasized the significance of Zeepay’s digital wallets in overcoming challenges around transparency, cost, convenience, speed, and safety for both senders and receivers of funds. He expressed delight in partnering with a fast-growing African business led by a capable team.
Sebastien Boyé, Co-CEO of I&P, reiterated I&P’s commitment to supporting Zeepay’s goal of becoming a leading pan-African mobile financial services business, impacting the lives of millions of underserved users across Africa and the Caribbean.
Jerry Parkes, Managing Director of Injaro Investment Advisors Limited, hailed Zeepay’s dynamic leadership and vision, expressing confidence in the company’s potential to become a successful Ghanaian multinational and a market leader in the fintech space.
Kwabena Appenteng, Director at Verdant Capital, highlighted Zeepay’s attractive combination of hard currency earnings and growth opportunities across the continent, noting the strength of its management team and its ability to achieve profitability early in its lifecycle.
Zeepay’s equity investment stands as a milestone for the fintech firm, positioning it for further growth and impact in advancing financial inclusion and transforming digital payments across Africa and the Caribbean.
Source: APO Group
By Derrick Kafui Deti – Digital Economy Magazine
