Africa50, in collaboration with social impact investor Oikocredit, has spearheaded an equity investment in Ghanaian fintech firm Zeepay aimed at facilitating its expansion across Africa and the Caribbean.
Leading Equity Investment in Zeepay to Fuel Expansion Across Africa
This strategic investment will empower Zeepay to scale up its cross-border remittance and mobile financial services operations, consolidating its presence in key markets.
In addition to Africa50 and Oikocredit, the investment consortium includes Injaro Ghana Venture Capital Fund and Verdant Capital Hybrid Fund, with Investisseurs & Partenaires reaffirming its commitment through a follow-up investment.
Founded in 2014, Zeepay is a payment infrastructure company with a global footprint spanning over 20 countries. Leveraging partnerships with major international money transfer agencies, Zeepay facilitates swift settlement of remittances into mobile money wallets.
In the past year alone, Zeepay processed over ten million remittance transactions, amounting to a total value exceeding $3 billion.
The investors highlighted the infusion of equity capital to fuel Zeepay’s expansion and enhance its value proposition for international money transfer operators, remittance senders, and recipients.
Leveraging Remittances in Partnership
Andrew Takyi-Appiah, the Founder and CEO of Zeepay Ghana, expressed enthusiasm about the investment’s potential, stating, “The raise will greatly assist us in completing our ongoing expansion drive into the rest of Africa.
Our short to medium plan is to expand our mobile money reach into a minimum of 10 countries within the next two years, leveraging remittances in partnership with MoneyGram.”
This strategic partnership underscores a commitment to driving financial inclusion and fostering digital transformation across Africa and the Caribbean, positioning Zeepay as a key player in the region’s fintech ecosystem.
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