In a groundbreaking move, Zeepay, one of Africa’s leading fintech giant and a formidable player in the mobile money arena, has achieved a significant milestone by securing regulatory approval from the Bank of Ghana for its outbound money transfer service.
This approval marks a pivotal moment not only for Zeepay but also for the broader financial landscape of Ghana and beyond.
The newly approved service by Zeepay empowers users to engage in cross-border payments from Ghana to several key destinations, including the United Kingdom, United States, Ivory Coast, and Nigeria. This expansion signifies Zeepay’s commitment to facilitating seamless financial transactions across borders, catering to the evolving needs of its users.
Having already established a robust track record in facilitating both inbound and outbound transfers in various countries such as Zambia, Barbados, and Ivory Coast, Zeepay’s partnership with MoneyGram further strengthens its position in the market. This collaboration extends the reach of Zeepay’s outbound service to Ghana, opening up a plethora of opportunities for individuals and businesses alike.
In expressing his enthusiasm for the new service, Andrew Takyi-Appiah, Managing Director of Zeepay said, “This approval is a testament to Ghana’s commitment to supporting local businesses and advancing the innovative potential of our people. It is also a strong endorsement of Dr Mahamudu Bawumia’s digitisation initiatives,” he stated.
“Importantly, this groundbreaking approval will significantly enhance the lives of Nigerian and Ivorian immigrants in Ghana. For the first time, they can send up to ten thousand US dollars annually back home, directly to mobile money wallets or bank accounts.”
Andrew Takyi-Appiah
The Regulatory Approval of Its Outbound Product
Dede Quarshie, GM Commercial at Zeepay, added saying the approval marks a significant milestone for Zeepay with the regulatory approval of its outbound product.
“This product will enable P2P remittances across essential corridors such as Ivory Coast, Nigeria, the United States, and the United Kingdom. This initiative not only enhances transaction ease for the immigrant community but also transforms regions previously limited to receiving into active sending locations. This development allows Zeepay to provide a comprehensive and improved service to our clients.”
Dede Quarshie
What sets this approval apart is its disruptive nature within the financial ecosystem. It represents the first of its kind granted by the Bank of Ghana, or any other regulator within the regulatory sandbox, to a mobile money operator originating from mobile money wallets. This signifies a paradigm shift in how regulators perceive and interact with fintech companies, paving the way for innovation and progress in the industry.
For Zeepay wallet holders, this approval translates into tangible benefits. They now have the convenience and flexibility to support their loved ones abroad with ease through seamless international payments. Whether it’s sending money for education, healthcare, or simply to stay connected with family and friends, Zeepay’s outbound money transfer service empowers users to transcend borders and bridge the gap between continents.
Moreover, this approval underscores Ghana’s position as a hub for fintech innovation in Africa. By embracing and supporting initiatives like Zeepay’s outbound money transfer service, the country is fostering a conducive environment for fintech companies to thrive and contribute to economic growth and financial inclusion.
Founded in 2014, Zeepay Ghana Ltd is a leading provider of digital remittance termination and ancillary mobile financial services in Africa and the Caribbean. The company has a footprint in over 20 countries worldwide and has partnerships with major remittance players such as MoneyGram International, Inc., a leading global financial technology firm.
Zeepay is proud to be a wholly-owned Ghanaian company. In the United Kingdom, it operates under the regulatory oversight of the Financial Conduct Authority (FCA), holding the license number #592538. In Ghana, it is regulated by the Bank of Ghana under the license #00001. READ
READ ALSO: Minority Leader Warns Cedi Crisis Could Derail IMF Program
