Ghana's Zeepay expands into Zambia
Ghanaian remittance fintech company, Zeepay, has been granted a license by the Central Bank of Zambia to operate in the country.
The company will operate a new remittance outbound service directly from its Zeepay Mobile Money Wallet, allowing Zambians to transfer money from their mobile money wallets to over 150 countries around the world.
The new service by the cross-border payment platform was made possible by its partnership with MoneyGram International.
"We are thrilled to make it possible for Zambians to send money abroad via mobile money to over 150 countries in a real-time manner," said Zeepay co-founder and MD Andrew Takyi-Appiah in a statement.
"Our partnership with MoneyGram is helping to make Africa borderless day by day, and we are excited to be at the forefront of this revolutionary change," he added.
With operations in over 25 countries globally, including countries in Europe, the Caribbean, North America, and Africa, Zeepay is on a mission to expand further into other African countries. In August 2022, the company raised US$10 million to help with those plans.
"The raise was necessary and comes at the time when Zeepay is planning to increase our annual turnover from US$1.5 billion to US$200 billion over the next five years," Takyi-Appiah told Tech Nova at the time.
To further cement its offering and protect its users, the company partnered with Israeli ThetaRay to use its AI-powered transaction monitoring technology SONAR SaaS to monitor remittance transactions into Africa.
It will be interesting to see how Zeepay does in Zambia, considering that pan-African cross-border payment solutions company, Chippa Cash, has already announced its own plans to acquire Zambian fintech company Zoona Transactions International.Related posts:
- Ghana's Zeepay to use ThetaRay's AI to monitor transfers
- Chipper Cash to acquire Zambian fintech Zoona
- Fintech Mukuru launches funeral loyalty benefit
*Top image source: Image by Allexxandar on Freepik
— Matshepo Sehloho, Associate Editor, Connecting Africa