The Bank of Ghana has granted Zeepay approval for an outbound money transfers
In May 2024, the Bank of Ghana (the “Central Bank”) granted Zeepay the approval for outbound money transfer to enable its cross-border payments from Ghana to key destinations, including Nigeria, Ivory Coast, the United Kingdom and the United States, in partnership with major global remittance players such as MoneyGram which is headquartered in Dallas, Texas. Zeepay has a track record of facilitating both inbound and outbound transfers in countries such as Zambia, Barbados, and Ivory Coast. This milestone is creating a good opportunity for Zeepay’s mobile wallet users, such as Nigerian and Ivorian immigrants living in Ghana, to send money to their loved ones abroad or back home easily through seamless international payments. Zeepay, founded in 2014 and headquartered in Ghana, is operating in over 20 countries.
The innovative product is being offered exclusively to fully on-boarded tier 3 subscribers of Zeepay, who have established a history of transactions with the platform. It enables retail payments of up to USD 10,000 annually and a monthly limit of GHS 4,500 without the hassle of paperwork. Zeepay shall engage up to a total number of 50,000 customers on an incremental basis as approved by the central bank. Utilizing a fully digital process, InstntMny guarantees a seamless experience from onboarding and transaction verification to transfer and settlement, culminating in funds being deposited into a designated bank account or mobile wallet.
Zeepay was granted the outbound transfer license pursuant to a Bank of Ghana initiative, the Regulatory and Innovation Sandbox.
This initiative was launched in line with the Central Bank’s commitment to continuously evolve a conducive regulatory environment that fosters innovation, financial inclusion and financial stability.