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Business News of Tuesday, 31 March 2020

Source: GNA

Bank of Ghana grants Zeepay Electronic Money Issuer service license


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Zeepay, a leading African fintech, has been granted a license by the Bank of Ghana to operate a full Electronic Money Issuer service otherwise known as Mobile Money.

The service will allow Zeepay’s subscribers to operate the full bouquet of mobile money services such as Cash In, Cash Out, Peer-to-Peer (P2P) Transfers, Payments and Digital Termination of Remittances (DTR).

With this Zeepay customers can now send and receive money across over 150,000 agent network available and also perform other related services out of Zeepay’s full bouquet such as - remittances, micro insurance, auto insurance, mortgage remit, airtime top-up, bill payment and pension collections all in partnership with third parties - such as insurance companies, banks, and pension trustees amongst others.

Chairman of the Board, Paa Kwasi Yankey said the new Electronic Money Issuer (EMI) license will enable Zeepay to extend its current services within the Mobile Financial Services Industry.

He said Bank of Ghana’s approval is a historic landmark, considering that Zeepay is the first Non-Bank Financial Services to be granted the license.
He said it is also a testament of President Akuffo-Addo led the administration’s commitment to empowering Ghanaians and start-ups.

“I am excited and believe that this landmark approval will open doors for Zeepay across the African continent - where we have significant operations in countries such as Uganda, Mozambique, Nigeria, Zimbabwe, Cameroun, Ivory Coast, Guinea, amongst others.”

Andrew Takyi-Appiah, Managing Director noted that since 2014 Zeepay had continuously embarked on innovation from being the first to introduce Tap & Pay services to mobile money, PoS acquiring for mobile money wallets and digital termination of remittances to mobile wallets.

“We are deeply humbled and grateful to the Bank of Ghana for this approval. Especially to the Leadership of Bank of Ghana. We will like to express our gratitude to our shareholders,” he said.

The approval will enable Zeepay to improve last-mile access to financial services for over 20 million Ghanaians while offering safety, convenience and significant cost savings.

“We look forward to exciting times ahead, where in partnership with banks, insurance companies, fintechs’, application service providers and pension fund managers amongst others, we offer mobile financial services products to our large pull of over 2 million users across Ghana,” he added.

Head of Commercial at Zeepay, Dede Quarshie further expressed the company’s gratitude and profound appreciation to the central bank and the payment systems team for their tremendous support.

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