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BoG grants Zeepay approval for outbound money transfer

This service enables cross-border payments from Ghana to key destinations, including the UK, USA, Ivory Coast, and Nigeria

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 Mahamudu Bawumia’s digitisation 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.”

About Zeepay

Founded in 2014, Zeepay Ghana Ltd is a leading provider of digital remittance termination and ancillary mobile financial services in Africa and the Caribbean. The company has a footprint in over 20 countries worldwide and has partnerships with major remittance players such as MoneyGram International, Inc., a leading global financial technology firm. 

Zeepay is proud to be a wholly-owned Ghanaian company. In the United Kingdom, we operate under the regulatory oversight of the Financial Conduct Authority (FCA), holding the license number #592538. In Ghana, we are regulated by the Bank of Ghana under the license #00001. For more information, visit: www.myzeepay.com.

About MoneyGram

MoneyGram International, Inc. is a global financial technology company enabling consumers and businesses to move and manage money in nearly every country around the world. Through its innovative cross-border platform, MoneyGram provides millions of consumers globally the ability to send money home for family and friends to pick up in cash or receive directly to a bank account, mobile wallet or card. 

The Company is a pioneer in the use of blockchain technology at scale and also enables consumers to buy, sell and hold digital currencies on its industry-leading app. With one of the world’s most extensive and dynamic cash distribution networks, MoneyGram has become the single largest on and off-ramp provider for digital currencies in the world. The MoneyGram team spans the globe with over 2,000 employees across 36 countries, representing more than 75 nationalities. 

Headquartered in Dallas, Texas, and known for its strong corporate culture globally, MoneyGram has been named a recipient of the Top Workplaces USA award for two consecutive years. By the numbers, MoneyGram serves more than 50 million people in over 200 countries and territories each year, processing more than US$200 billion annually. Relentlessly digital-first and customer-centric, the Company’s digital transactions now account for over 50% of its money transfer business.

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