Zeepay to conduct outbound money transfers after approval from the Bank of Ghana

May 17, 2024
2 min read
  • Zeepay, a Ghanaian fintech startup, has received regulatory approval from the Bank of Ghana for outbound money transfer services within the sandbox.
  • The approval is expected to improve the lives of Nigerian and Ivorian immigrants in Ghana by allowing them to send up to $10,000 per year directly back home to mobile money wallets or accounts.
  • This approval comes just a month after Zeepay announced securing a $3 million equity investment from Verdant Capital Hybrid Fund to bolster its financial position for future growth.

Zeepay has been in the market for ten years, has over 200 employees, and has raised over $23 million since its inception. As of 2022, Zeepay operates in 23 countries, including Ghana, Nigeria, Zambia, Ivory Coast, Sierra Leone, Gambia, and beyond.

According to the company’s Managing Director, Andrew Takyi-Appiah, Ghana's approval demonstrates its support for local businesses and innovation, as well as Vice President Dr Bawumia's digital transformation efforts.

Dede Quarshie, GM Commercial at Zeepay, stated that the product will enable peer-to-peer remittances across corridors such as Ivory Coast, Nigeria, the United States, and the United Kingdom.

“This initiative not only enhances transaction ease for the immigrant community but also transforms regions previously limited to receiving into active sending locations. This development allows Zeepay to provide a comprehensive and improved service to our clients,” the GM added.


Meanwhile, Zeepay is said to be the first company approved by the Bank of Ghana or any other regulator under the regulatory sandbox.

Meanwhile, after receiving approval from the Central Bank of Zambia to operate in the country and offer outbound services directly from its Zeepay Mobile Money Wallet in 2023, Zeepay has now received approval from the Bank of Zambia for both inbound and outbound cross-border payments in the country.

Aston Njovu, the company's Product Manager for the SADC Region, said, "The approval from the Bank of Zambia is a milestone for us as we celebrate ten years of innovation and leadership in mobile money solutions." 

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