- Ghana-based Zeepay has secured support from Africa50, Oikocredit, Injaro, Verdant Capital Hybrid Fund, and I&P.
- The firm is set to ehancing its offerings to International Money Transfer Organizations, senders and recipients of remittances.
- Last year, the company processed 10 million remittance transactions amounting to over $3 billion.
Cash transfer giant Zeepay has successfully closed a substantial equity investment round that is poised to power its business in new territories. Led by Pan-African investment heavyweights including Africa50, Oikocredit, Injaro, Verdant Capital Hybrid Fund, and Investisseurs & Partenaires (I&P), this financial infusion is poised to turbocharge Zeepay’s ambitious expansion across Africa and the Caribbean.
Since its establishment in 2014, Zeepay has been at the forefront of revolutionizing payment infrastructures, boasting an impressive presence in over 20 countries globally.
Specialising in the instant settlement of remittances into mobile money wallets, the company has been a beacon of financial inclusivity. With over 10 million remittance transactions amounting to over $3 billion processed in 2023, Zeepay’s impact is rising.
Zeepay eyes cash transfer in historically underserved territories
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, ehancing its offerings to International Money Transfer Organizations (IMTOs), and, by extension, to senders and recipients of remittances.
Andrew Takyi-Appiah, Zeepay’s Founder and CEO, lauded the funding stakeholders for their support, noting that the investment will bolster the company’s ongoing expansion drive.
“Our roadmap includes extending our mobile money services to at least 10 more countries within the next two years, in partnership with giants like MoneyGram. This vision is now set to become a reality, thanks to our investors,” Takyi-Appiah expalined.
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.
Balancing profitability with expansion
From a local perspective, Jerry Parkes of Injaro Investment Advisors underscored the importance of supporting Ghanaian entrepreneurship with Ghanaian capital.
“Investing in Zeepay not only promises economic returns but also fosters a cycle of economic developemnt within Ghana. This partnership is a testament to our belief in building sustainable local businesses as drivers of growth,” Parkes remarked.
At the same time, Verdant Capital’s Kwabena Appenteng cited Zeepay’s impact and unique value proposition, noting the company’s early profitability and ongoing growth.
“Zeepay’s management team has demonstrated exceptional skill in balancing profitability with expansion, making it an attractive investment opportunity for those looking to tap into Africa’s fintech potential,” Appenteng explained.
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 new wave of digital transformation across Africa and the Carribean, bringing financial services with reach of millions of people.
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