Zeepay, a prominent mobile money firm and a leading player in Ghana’s financial landscape, has embarked on an ambitious mission to establish a borderless Africa in terms of trade and payments.
The company has recently made available outbound remittance to wallet services from six African countries to over 200 destinations worldwide, while also working diligently to establish a seamless cross-border remittance corridor between Africa and the Caribbean, an initiative known as Afro-Carib remittance.
Mr. Andy Takyi-Appiah, the Co-founder and CEO of Zeepay, in an interview shed light on the company’s strategic direction.
According to Mr. Takyi, Zeepay’s outbound remittance services currently excluded its home country, Ghana, due to concerns raised by the Ghanaian industry regulator, the Bank of Ghana.
Nonetheless, he expressed hope that the innovative solution would soon be approved for market entry, adding to the bigger picture of a borderless Africa.
Despite the temporary setback in Ghana, Zeepay remains committed to its overarching goal of a borderless Africa. The decision to focus on creating a borderless Africa stems from the vast potential within the continent’s payment landscape.
Takyi-Appiah highlighted the projected growth of the payments sector, estimating it to reach a value of US$40 billion by 2025, while cross-border payments, including trade, are expected to exceed US$200 billion within the next three years.
Furthermore, Africa accounts for a significant portion of the world’s remittance flows, with approximately US$84 billion out of the total US$800 billion.
Adoption Of Mobile Wallets In Various African Markets
More so, Mr. Andy Takyi-Appiah emphasized the varying stages of mobile wallet adoption across different African markets.
According to him, while Ghana enjoys an advantage over its main competitor, Nigeria, in terms of mobile wallet adoption, Nigeria’s robust banking sector has sustained a strong reliance on card-based payments. The recent licensing of mobile wallets in Nigeria, he said, suggests that it may take up to seven years before significant uptake occurs.
The Zeepay CEO also highlighted the importance of the KINGS market (Kenya, Ivory Coast, Nigeria, Ghana, and South Africa) in Africa’s financial inclusion landscape. Ghana and Kenya stand out as leaders in this market, with Kenya’s M-Pesa service becoming a model for success.
Good governance lies at the core of Zeepay’s operations. The company places great emphasis on establishing robust frameworks, processes, structures, and adherence to governance principles. Takyi-Appiah highlighted the importance of these factors, advising younger players in the industry to prioritize them to achieve both local and cross-border scalability.
He finally communicated that as Zeepay enters the next phase of its growth, the company aims to deploy its skilled workforce to offshore offices while investing in further training. Additionally, with the upcoming funding round, Zeepay plans to acquire high-skilled expertise to propel the company to new heights, realizing its vision for a borderless Africa.