Zeepay, a trailblazer in cross-border payments, has announced a remarkable surge in both its total processed volume (TPV) and revenue, showcasing its strong performance in the financial sector.
Within just one year, TPV has surged from US$1.9 billion in 2021 to an impressive US$2.9 billion in 2022.
This exponential growth in TPV is mirrored by the rise in revenue, which has soared from GH¢39.4 million in the previous fiscal year to an outstanding GH¢96.4 million in 2022.
The driving force behind this exceptional achievement is Zeepay’s diversified portfolio of services, with remittance services emerging as a key catalyst for its expansion. Andrew Takyi-Appiah, Founder and Managing Director of Zeepay, attributed Zeepay’s resounding success to its unwavering resilience in the face of challenging global economic conditions.
Despite the hardships of 2022, Zeepay achieved unprecedented growth, making it their most successful year to date.
During this transformative period, Zeepay strategically streamlined its operations across various markets, notably in Zambia, laying the foundation for a lucrative journey.
The company’s expansion into Barbados also proceeded seamlessly, securing mobile money licenses in four additional markets: Gambia, Sierra Leone, Ivory Coast, and Guyana.
Mr. Takyi-Appiah outlined Zeepay’s strategic focus for 2023, emphasizing the operational readiness of these new markets. This expansion initiative aligns with Zeepay’s vision of becoming the premier global mobile money operator across Africa and the Caribbean.
A closer look at the revenue breakdown by service type underscores the significant contribution of remittance services to Zeepay’s financial triumph. Local income from remittances surged to GH¢75.5 million in 2022, a substantial increase from GH¢31 million the previous year.
This growth is fueled by a growing customer base and heightened demand for remittance services within the local market.
The impact of mobile money on local income also saw substantial growth, reaching GH¢12.86 million compared to GH¢4.4 million in 2021. This expansion is attributed to the accessibility and convenience offered by Zeepay’s mobile money solutions within the local market.
Furthermore, Zeepay’s global reach is evident as it generated GH¢8 million in revenue from foreign remittances in 2022, showcasing its ability to provide seamless cross-border financial solutions.
Despite prevailing economic challenges, Zeepay achieved a post-tax profit of GH¢32.8 million, a remarkable 274.5 percent improvement from the GH¢8.76 million reported in the previous year.
Mr. Takyi-Appiah also highlighted the significant growth of the company’s assets, increasing from GH¢143.8 million in 2021 to an impressive GH¢406.8 million in 2022. This robust growth underscores Zeepay’s enduring strength and resilience, leading to the declaration and distribution of dividends totalling GH¢1.89 million.
With its strategic focus on remittance and mobile money services, Zeepay solidified its position as a prominent player in the financial services sector. Daniel Giyimah, the Board Chairman, emphasized Zeepay’s adaptability and expansion of its service offerings, positioning the company for future success as the financial landscape evolves.