Zeepay, fresh off a $3 million equity investment from Verdant Capital Hybrid Fund, has secured regulatory approval from the Bank of Ghana (BoG) for its outbound money transfer service. This landmark achievement establishes Zeepay as the first mobile money operator to receive such authorization under the BoG’s regulatory sandbox framework.
This development comes as Zeepay, having raised over $23 million since its inception, leverages the recent investment to fuel its expansion across Africa. With operations spanning 23 countries, the company’s outbound service allows users in Ghana to send remittances directly from mobile wallets to key destinations like the UK, USA, Ivory Coast, and Nigeria.
“This approval is a testament to Ghana’s progressive regulatory approach and our commitment to financial innovation,” said Andrew Takyi-Appiah, Zeepay’s Managing Director. “It aligns with our vision of expanding affordable and accessible financial services across the continent.”
This move is particularly impactful for the large Nigerian and Ivorian diaspora in Ghana, who can now send up to US$10,000 annually back home, directly to mobile wallets or bank accounts.
Dede Quarshie, Zeepay’s GM Commercial, emphasized the significance of this service, stating, “This is not just about convenience; it’s about empowering individuals and stimulating economic growth through seamless cross-border transactions.”
Zeepay’s successful navigation of the regulatory landscape, combined with its recent financial backing, positions it as a major player in the African fintech sector. With this approval, Zeepay is poised to further its mission of driving financial inclusion and transforming the cross-border payments landscape in Africa.
