Date: 3 June 2024

Zeepay and MoneyGram Launch Account Deposit Service in Nigeria

Zeepay, a leading African fintech company, has launched an innovative account deposit service in Nigeria in collaboration with MoneyGram. This service aims to enhance financial inclusion by allowing users to deposit money directly into their bank accounts through MoneyGram’s global network.

The launch of this service marks a significant milestone in the African fintech landscape. It will provide a seamless and efficient way for Nigerians to receive remittances. This partnership leverages MoneyGram’s extensive network and Zeepay’s robust technology platform, promising to revolutionise the way money is transferred across borders in Africa.

Zeepay’s strategic move to introduce the Account Deposit service aligns with its mission to bring financial services closer to the unbanked and underbanked populations in Africa. By facilitating direct deposits into bank accounts, Zeepay and MoneyGram are helping to reduce the reliance on cash transactions, thus promoting a more secure and formal financial ecosystem.

Verdant Capital has been a part of Zeepay’s expansion and innovation journey since 2017 and recently acted as the sole advisor and arranger of Zeepay’s Series A and A.5 funding round, which raised over USD 30 million. The funds raised are expected to further Zeepay’s growth plans in the field of Mobile Financial Services and innovative products that bring together technology infrastructure and customer convenience, such as the Account Deposit service product launched in Nigeria.

Verdant Capital is committed to supporting innovative African fintech companies that drive financial inclusion and economic development across the continent to transform the financial services landscape for millions of Africans. Verdant Capital was ranked joint 2nd in transaction deal flow by Deal Makers Africa in 2023.

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