Zeepay Secures Regulatory Nod for Outbound Money Transfer Service in Ghana

Zeepay Secures Regulatory Nod for Outbound Money Transfer Service in Ghana

By Staff Writer, 18 May 2024

Zeepay, a leading mobile money operator, has received regulatory approval from the Bank of Ghana (BoG) for its outbound money transfer service, marking a significant milestone as the first to achieve this under the BoG's regulatory sandbox framework.

This approval follows a $3 million equity investment from Verdant Capital Hybrid Fund, bringing Zeepay's total funding to over $23 million since its inception.

With operations in 23 countries, Zeepay's new service enables Ghanaians to send remittances directly from their mobile wallets to destinations including the UK, USA, Ivory Coast, and Nigeria.

This advancement is expected to significantly benefit the large Nigerian and Ivorian diaspora in Ghana, allowing them to transfer up to $10,000 annually to mobile wallets or bank accounts back home.

Andrew Takyi-Appiah, Zeepay’s Managing Director, hailed the approval as evidence of Ghana's progressive regulatory environment and Zeepay's dedication to financial innovation.

He emphasized that this aligns with Zeepay’s mission to expand affordable and accessible financial services across Africa.

Source: Smart Megwai / Innovation Village

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