GHANA: BoG grants Zeepay approval for outbound money transfer

Zeepay, Africa’s largest fintech and a challenger in the mobile money sector, has reached a new milestone by securing regulatory approval from the Bank of Ghana for its outbound money transfer service.

This service enables cross-border payments from Ghana to key destinations, including the UK, USA, Ivory Coast, and Nigeria. With a track record of facilitating both inbound and outbound transfers in Zambia, Barbados, and Ivory Coast, Zeepay now extends the outbound service to Ghana in partnership with MoneyGram.

This approval represents a disruptive development in the financial ecosystem, as it is the first of its kind granted by the Bank of Ghana or any other regulator within the regulatory sandbox to a Mobile money operator originating from mobile money wallets. This significantly expands the opportunities for Zeepay wallet holders, enabling them to support their loved ones abroad with ease through seamless international payments.

In expressing his enthusiasm for the new service, Andrew Takyi-Appiah, Managing Director of Zeepay said, “This approval is a testament to Ghana’s commitment to supporting local businesses and advancing the innovative potential of our people. It is also a strong endorsement of Dr. M. Bawumia’s digitization initiatives,” he stated.

“Importantly, this groundbreaking approval will significantly enhance the lives of Nigerian and Ivorian immigrants in Ghana. For the first time, they can send up to ten thousand US dollars annually back home, directly to mobile money wallets or bank accounts.”

Dede Quarshie, GM Commercial at Zeepay, added, “This marks a significant milestone for Zeepay with the regulatory approval of our outbound product. This product will enable P2P remittances across essential 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.”

SOURCE: AGENCIES