Zeepay Ghana Takes Dedication To Mobile Financial Services A Notch Higher
One of Africa’s fastest-growing fintech, Zeepay Ghana Ltd., has inaugurated its state-of-the-art fintech campus in Accra as part of its commitment to improving mobile financial services in Ghana.
The campus, which is located in Cantonments in Accra, was purposely built with high-tech facilities which adopt artificial intelligence technology in several of its features. The building also incorporates green tech in its construction and is designed to be energy efficient and environmentally friendly.
The company was issued the first Electronic Money Issuer License in 2019 by the Bank of Ghana under the current Payment Systems regulatory regime. It is also licensed through its subsidiary in the United Kingdom by the Financial Conduct Authority (FCA) as a Money Transfer Operator (MTO).
Zeepay, known for its mobile money shortcode *270#, runs a business model which includes paying remittances from over 150 countries across 50 partners directly into digital assets such as mobile money, bank accounts, and visa cards using both Zeepay bulk wallets and subscriber wallets with its unique and innovative product offerings.
While enabling receivers to cash out across over 100,000 agent networks in Ghana, Zeepay closed 2020 with 2.4 million transactions valued at USD400 million in total processed volume and a current subscriber base of 600,000.
“The Zeepay story is remarkable and we are happy that it has been told out of Ghana with local backing,” emphasized the Chairman of the Board, Paa Kwasi Yankey.
The Chairman of the Finance and Audit Sub Committee, Daniel Gyimah, “right from the start the company instituted high governance programs with the aim of becoming a key player in the near future.
“Sir Gyimah added, “It is rare that a fintech can deploy with as little as USD 450,000 in seed funding and within five years grow its balance sheet from about GHS 1 million in 2016 to about GHS 65 million in 2020, meet regulatory cash capital of GHS 20 million and close the year with a wonderful edifice.”
Founder and Managing Director of Zeepay, Andrew Takyi-Appiah has pledged his outfit’s continuous support to Ghana’s mobile financial services ecosystem through increased remittance transactions.
“Our business model is to create multifaceted financial products which are constantly evolving by identifying and solving needs within the payments value chain,” he stressed.
Meanwhile, the Bank of Ghana has pledged its continuous support to fintech to actively drive innovation in the remittance space.
“The Bank recently issued policies to guide the operations of Dedicated Electronic Money Issuers and Payment Service Providers in the areas of Crowdfunding, Inward Remittance, and Regulatory Sandbox. This, we believe, will help Fintechs increase competition and reduce cost.” said the Head of Fintechs and Innovations at the Bank of Ghana, the Zeepay Head office Building commissioning was graced by the Chief of Staff, Frema Osei-Opare.