Zeepay, a remittance fintech based in Ghana, has been granted approval by the Bank of Zambia to operate in the country.
The Central bank granted approval for the start-up to operate a new remittance outbound service directly from its Zeepay Mobile Money Wallet.
The fintech established a partnership with Moneygram to help with its remittance efforts.
“We are thrilled to make it possible for Zambians to send money abroad via mobile money to over 150 countries in a real-time manner,” said Andrew Takyi-Appiah, Co-Founder and Managing Director of Zeepay.
“Our partnership with MoneyGram is helping to make Africa borderless day by day, and we are excited to be at the forefront of this revolutionary change.”
Last year, Zeepay raised $10 million as part of its expansion efforts and also entered the Ethiopian market.
In April last year, Zeepay acquired a 51 percent stake in Mangwee Mobile Money Zambia.
In a private placement, Zeepay and Mangwee agreed to a sale of 51 percent of Mangwee shares to Zeepay.
The deal made Zeepay Ghana the majority shareholder of the entity.
Not exactly the kind of investment the economy is looking for just now.
Moneygram has one of the highest commissions for sending money and that’s why nobody here uses it. Better just to do transfers.