Zeepay – First Non-bank Institution To Secure Mobile Money License
Zeepay has been granted a permit to operate a full Electronic Money Issuer service otherwise known as Mobile Money by the Bank of Ghana.
Zeepay is a leading African fintech giant that functions as a mobile financial services company from Ghana, covering an extra 20 other African markets and still growing.
The service will permit Zeepay’s subscribers to operate the full bouquet of mobile money services like Cash In, Cash Out, Peer-to-Peer (P2P) Transfers, Payments and Digital Termination of Remittances (DTR).
What this means is that Zeepay clients can now send and receive money across over 150,000 agent network available and also perform other related services out of Zeepay’s full bouquet like remittances, micro insurance, auto insurance, mortgage remit, airtime top-up, bill payment and pension collections all in partnership with third parties – such as insurance companies, banks, and pension trustees amongst others.
Chairman of the Board, Mr Paa Kwasi Yankey pointed out that the new Electronic Money Issuer (EMI) license will enable Zeepay to extend its current services within the Mobile Financial Services Industry.
He repeated that Bank of Ghana’s approval is a historic landmark, considering that Zeepay is the first Non-Bank Financial Services to be so issued. He further intimated this is also a testament of the President Akuffo-Addo led administration’s dedication to empower Ghanaians and start-ups.
“I am excited and believe that this landmark approval will open doors for Zeepay across the African continent – where we have significant operations in countries such as Uganda, Mozambique, Nigeria, Zimbabwe, Cameroun, Ivory Coast, Guinea amongst others, he said.”
Mr Andrew Takyi-Appiah, Managing Director stressed that since 2014 when Zeepay embarked on this journey, the company has never stopped to innovate- from bmoney, PoS acquiring for mobile money wallets and digital termination of remittances to mobile wallets.
“We are deeply humbled and grateful to the Bank of Ghana for this approval. Especially to the Leadership of Bank of Ghana. We will like to express our gratitude to our shareholders Kwame Achampong-Kyei, Zoe Phillips, Paa Kwasi Yankey and Aaron Sackey for all their relentless support and our partners the likes of MoneyGram, Small World, Thunes, RIA, DMA Consulting, Barclays Bank, GTBank, Access Bank, ADB Bank, FAB Bank, Bank of Africa and all our Board members; including John Gely and Patrick of MoneyGram, Natasha and Nick Day of Small World and Robert Kotei of RIA and AB, Sandra Yao and Djibril and others for believing in us, he remarked.”
Mr Takyi-Appiah further stated that “Central Banks in Africa should follow the lead of Ghana and go a step further to recognize such approvals in their markets through Passporting like it’s done in Europe. Where Zeepay is regulated across all 28 countries through similar Passporting arrangements from the United Kingdom.”